SAN DIEGO--(BUSINESS WIRE)--DriveCam, Inc., a global Driver Risk Management company, ended 2011 with an increase in service revenue that exceeded 50%, marking three consecutive years of profitable operations. This continued success allowed DriveCam to attract $85 million in new investment funding from one of the leading private equity investors worldwide, WELSH, CARSON, ANDERSON & STOWE XI, LP, and announce the acquisition of RAIR Technologies, a leading provider of regulatory compliance solutions for DOT-regulated fleets.
“In this struggling economy, it’s unusual for a company to experience continued sales growth as strong as we have – three years in a row,” commented DriveCam CEO Brandon Nixon. “Our continued growth and market leadership is a direct reflection of the unique solutions we provide our clients in making them safer, more competitive and more profitable.”
In 2011, DriveCam expanded its business across a variety of industries, including trucking and distribution, transit, waste, utilities and federal/local government. Top-tier fleets added to DriveCam’s portfolio included ONEOK, Public Service Electric and Gas Co. (PSE&G), Waste Industries, Linde and Pat Salmon & Sons. In addition, many current clients expanded their relationship with DriveCam by adding additional vehicles into the program and extending multi-year contracts. These included First Transit, AmeriGas, ARS-Rescue Rooter, NJ Transit, Washington Metropolitan Transit Authority (WMATA) and Progressive Waste Solutions, among others. Further strengthening DriveCam’s footprint in the United States was its contract award by National Joint Powers Alliance® (NJPA). DriveCam also expanded its international footprint, including major client wins in Canada and South Africa. Ending the year, DriveCam’s SaaS-based services now support over 500 fleet clients and protect more than 400,000 drivers.
Also in 2011, DriveCam’s acquisition of RAIR Technologies allowed it to both broaden its services and expand its customer base. RAIR provides web-based safety and compliance services to many top fleets in trucking, distribution and transit, including 50% of the “Top 100” carriers in the U.S. and Canada. Its services allow fleet operators to efficiently manage hours-of-service logs, CSA safety scores, driver qualification and vehicle inspection requirements. Along with its acquisition of RAIR Technologies, DriveCam continues to invest in its technologies and services. It added to its patent portfolio covering key innovations in driver management; each of these patents further enhances DriveCam’s ability to deliver high-quality services to its customers.
“The combination of our strong balance sheet, the ability to invest in our business and our market momentum position us for continued market leadership,” Nixon continued. “We are proud to be working with some of the best fleets in the world and to be recognized by the investment community for the value we deliver. We are extremely bullish about 2012 and look forward to another year of strong sales expansion, strategic acquisitions and expanded job growth.”
About DriveCam, Inc.
As proven experts in the science of safe and efficient driving, DriveCam prevents collisions and reduces fuel costs by improving the way people drive. Our solution addresses the causes of poor driving by combining data and video analytics with real-time driver feedback and coaching, resulting in reductions in collision-related costs and fuel consumption in over 500 commercial fleets, while protecting more than 400,000 drivers. In addition, DriveCam holds the world's largest database of risky driving, which is continually used to improve proprietary analytics and deliver insights into transportation industry trends. DriveCam was recently recognized as #30 in The Wall Street Journal’s listing of Top 50 Venture-Backed Companies. For more information, visit www.drivecam.com.