IIS/Drivewyze Receive $60M Investment From Sageview Capital to Accelerate Growth
EDMONTON, Alberta, July 14, 2020 – Intelligent Imaging Systems Inc. (IIS) and its wholly owned subsidiary Drivewyze Inc., the leading providers of safety and efficiency solutions for the transportation industry in North America, announced today the close of a $60 million (USD) minority financing by Sageview Capital, a growth capital firm investing in leading tech-enabled businesses. This new investment will help IIS/Drivewyze continue to scale its connected truck platform in the commercial vehicle services market and achieve continued strong growth in SaaS revenue. With this investment, two members of the Sageview team will join the IIS Board of Directors – Scott Stuart, Co-Founder and Managing Partner, and Andrew Korn, Partner.
IIS provides public agencies and infrastructure owners with Smart Roadside, the most advanced smart infrastructure platform available to improve transportation safety and efficiency. Drivewyze provides a SaaS- based connected truck platform that connects vehicles and infrastructure for drivers, fleets, telematics partners, and government agencies. The company’s industry-leading applications include PreClear, North America’s largest weigh station bypass service, and Drivewyze Safety Notifications, which provides drivers with low bridge, high rollover, and steep grade notices throughout North America.
“Sageview provides growth capital to leading companies with a demonstrated track record of success and compelling market opportunity. IIS and Drivewyze provide fleets, transportation companies, and government agencies unique technology solutions to cut costs, gain efficiencies, and improve safety. The ROI from the company’s products is significant, and customer satisfaction is very impressive,” said Stuart. “With weigh station bypass, the company has a proven ability to leverage fleet safety to increase driver productivity and reduce fuel costs. We believe that IIS/Drivewyze is an exciting addition to the Sageview portfolio, and we are excited to provide the company with financial and operational support as it continues to achieve impressive growth and extends its position as a clear market leader.”
“We are very excited to have Sageview Capital partner with us to accelerate our company’s growth plans,” said Brian Heath, President and CEO of IIS. “Our strategy is to leverage the connected truck platform we’ve built and use it to revolutionize transportation safety and efficiency. We look forward to reaching new heights of success.”
IIS was advised by DC Advisory, as well as Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP and Dentons Canada, LLC. Sageview was advised by Cooley LLP.
About Intelligent Imaging Systems and Drivewyze
Intelligent Imaging Systems Inc. (IIS), along with its wholly owned subsidiary, Drivewyze, is on a mission to revolutionize commercial vehicle transportation safety and efficiency. IIS is a supplier and integrator of some of the industry’s most advanced Smart Infrastructure systems, helping public and private transportation infrastructure owners and operators improve commercial vehicle safety and efficiency. Intelligent Imaging Systems’ core markets are transportation safety and security, law enforcement and public security, and commercial truck parking. Its leading-edge electronic screening & truck parking systems utilize technology to help governments and private infrastructure owners do more with less. To learn more about IIS, visit www.intelligentimagingsystems.com.
Drivewyze serves commercial drivers and fleets with innovative trucking services such as the Drivewyze PreClear bypass service, the Drivewyze Analytics Weigh Station Loss Reporting service, and Drivewyze Safety Notifications. To learn more about Drivewyze, visit www.drivewyze.com .
About Sageview Capital
Sageview Capital LP is a private investment firm focused on providing growth capital to leading tech-enabled businesses. The firm's investments include 360insights, Aceable, Avalara, Brandwatch, CallRail, Demandbase, Elastic Path, Ezoic, MetricStream, Pantheon, NAM, Rapid RTC, Reflexis Systems, Theatro, and Womply among others. The Firm was founded in 2006 and is led by co-founders Ned Gilhuly and Scott Stuart, as well as senior partner Dean Nelson. Since 2008, the Firm has deployed nearly $1 billion across 24 growth capital investments. Sageview has offices in Greenwich, Connecticut and Palo Alto, California. For more information, visit www.sageviewcapital.com.
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