FleetMatics IPO: The fleet management solutions provider filed a $100 million IPO registration statement with the U.S. SEC (Securities and Exchange Commission) on August 20, 2012. The company has applied to trade its common stock on the the New York Stock Exchange under the symbol “FM.” Selling shareholders will also offer shares in this public offering, but the company will not receive any proceeds from the sale of shares to be offered by the selling shareholders.
FleetMatics provides fleet management solutions delivered as software-as-a-service, or SaaS to help businesses to manage their local fleets of commercial vehicles and improve productivity., in order to reduce operating and capital costs, as well as increase revenue.
As of June 30, 2012, FleetMatics had more than 16,000 customers who collectively deployed our solutions in over 281,000 vehicles worldwide.
The company saw substaintial sales growth over the recent years. Subscription revenue increased from $32.01 million in 2008 to $92.32 million in 2011, representing a CAGR of 42.34%. Net incomes fluctuated during this period, were reported at $-7.66 million, $2.86 million, $-0.74 million and $2.87 million, for years ended December 31, 2008, 2009, 2010 and 2011, respectively. For the six months, the fleet management solutions provider reported a net loss of 0.37 million on subscription revenue of $58.41 million versus a net income of $1.60 million on revenue of $42.59 million for the same period of 2011.
Net proceeds from FleetMatics IPO will be used for working capital and other general corporate purposes as well as for the possible acquisition of businesses, products and technologies complementary to the company’s business.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and Barclays Capital Inc. are acting as the lead underwriters for FleetMatics IPO. RBC Capital Markets, LLC, Stifel Nicolaus & Company and William Blair & Company, L.L.C are working as the co-managers for this public offering.