DriveCam announced on Wednesday that it will acquire Rair Technologies. The investment and acquisition are expected to close in early December, subject to customary closing conditions.
Terms of the transactions were not disclosed.
Drive Cam has entered into a definitive agreement to raise $85 million in investment capital from Welsh, Carson, Anderson & Stowe XI, L.P. (WCAS), a New York-based private equity firm. The investment is being made, in part, to fund this acquisition.
“With this investment, DriveCam will continue to accelerate its growth by expanding into new market segments and broadening its value proposition through strategic partnerships and targeted acquisitions, the first of which is Rair,” noted Brandon Nixon, DriveCam CEO. “We are only in the initial phases of delivering on all the benefits we can provide to the combined client base. Rair has a strong position in the DOT-regulated transportation market, which nicely complements DriveCam’s already strong client base in trucking, local distribution, services, utilities, transit and solid waste. Building on this acquisition, DriveCam is dedicated to investing heavily in our service offering through both organic growth and strategic acquisitions.”
“We’ve dedicated many years to building a business that is an industry leader, recognized for great customer service,” Greg Lofy, CEO of Rair said. “In DriveCam, we have found a strategic partner that shares our commitment to high-quality service and innovation – and is the unparalleled leader in driver safety. By joining forces, I’m confident we will be able to expand our technology and services to bring additional value to our customers.”