The acquisition eliminates the need for fleet managers to call repair shops directly to set up vehicle servicing. (Fleetio)
Fleetio, a software firm that helps companies manage their vehicle fleets, has raised $450 million in late-stage venture funding to help finance a takeover of maintenance-authorization platform Auto Integrate.
The deal values the combined business at more than $1.5 billion, according to a statement reviewed by Bloomberg News. The round was co-led by existing Fleetio investor Elephant VC and Goldman Sachs Alternatives, a new backer.
The combined company will service over 8 million vehicles and process more than 13 million repair orders per year through its network of more than 110,000 repair shops across the U.S., Canada and Mexico, according to the statement.
“We realize how complex running a fleet is,” Fleetio CEO Jon Meachin said in an interview. “It’s one of the biggest expenses outside of fuel for many of our customers.”
Fleetio and Auto Integrate have had a working relationship since 2019. The acquisition will allow the companies to create a single digital platform. (Fleetio)
The acquisition eliminates the need for fleet managers to call repair shops directly to set up vehicle servicing, Meachin said, adding that “the phone-to-phone can be a 20-to-30 minute exercise for a single repair.”
Fleetio and Auto Integrate have had a working relationship since 2019. The acquisition will allow the companies to create a single digital platform.
“We’re really focused on the quality of our integrations, building out our dashboards,” Meachin said.
The company said it plans to develop artificial intelligence and machine learning tools that can automate tasks like manual data entry and alert businesses to repair anomalies and overspending.
Meachin will run the combined business, while Auto Integrate CEO Terry Bartlett will join the combined firm’s executive leadership team.
