ITS Compliance receives $5.75M investment from First Analysis and Argentum
ITS Compliance Inc secured funding to the tune of $5.75 million from First Analysis and Argentum, a statement about the investment said.
The funding will be deployed towards the continued growth of the Sun Prairie, Wisconsin-based company, allowing it to increase the number services it offers, improve its software platform and develop its infrastructure. ITS Compliance Inc provides truck fleets with various industries with compliance, safety and asset management services. Its portfolio of solutions that help fleets, carriers and third party logistics firms cover fuel tax reporting, safety services and asset management, the statement said.
As part of the deal First Analysis Managing Director Jim Macdonald and Argentum Managing Partner Daniel Raynor will now be part of the Board of Directors of ITS
Macdonald said in the statement, "ITS fits well with our long-standing expertise in outsourced business services and our in-depth understanding of the fleet management solutions market, now one of the most exciting facets of the burgeoning Internet of things. We think the company is well positioned to create exceptional value in its markets. ITS has developed new solutions that leverage the power of the mobile Internet to significantly increase compliance and management efficiency. We look forward to helping the ITS team build on its success as it leverages this opportunity."
First Analysis has been in the business of private capital investing for 28 years now. It usually looks for opportunities in rapidly-growing sectors such as healthcare, IT applications and outsourcing services, where it will be able to help the company succeed because of its expertise and research approach, the statement said.
ITS Founder and Chief Executive Officer Jim Matras said in the statement, "We are very pleased to partner with Argentum and First Analysis and welcome their involvement with ITS, given their expertise, contacts, and investing experience in the logistics and transportation services space and with technology-enabled service companies, This transaction will enable us to strengthen our capabilities and invest in infrastructure, which will allow us to better serve our existing customers and pursue exciting new growth opportunities."