Lytx Acquisition, Valuation, Funding & Investors

Lytx was acquired by Permira for $2.5B in January 2020.

See full Lytx profile

Lytx acquisition price

$2.5B

Acquired by Permira · Jan 2020

Lytx revenue

$501M

Undisclosed stage · Apr 2018

Cumulative funding Lytx raised

$700M

across 1 funding round

Key investors in Lytx

  • HarbourVest Partners
  • Clearlake Capital
  • PSP Investments
  • Guggenheim Taxable

Lytx Overview

About Lytx

Lytx is a San Diego-based video telematics company founded in 1998 that offers DriveCam for real-time driver coaching, fleet tracking, and compliance tools including RAIR for CSA management and hours-of-service logging. Serving trucking, construction, utility, and transit sectors across the US and internationally, Lytx equips over 3 million vehicles with dash cameras that analyze events to reduce accidents and fuel costs. Formerly DriveCam, it rebranded in 2013.


Founded

1998

HQ

United StatesSan Diego, CA

Website

lytx.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$501M (Apr 2018)

Valuation

$1.5B (Apr 2018)

Lytx Acquisition

Lytx was acquired by Permira for $2.5B on 8 January 2020.

Before the acquisition Lytx had raised $700M across 1 funding round.

Lytx is a global leader in machine vision and artificial intelligence-powered video telematics solutions for commercial, public sector, and field services fleets. The company maintained the largest market share in the video telematics sector with 60% market penetration, over 120 billion miles of roadway data, and advanced AI algorithms driving its competitive advantage across more than 100 competitors. Permira, a leading global private equity firm, acquired a majority stake in Lytx alongside co-investors including Canada Pension Plan Investment Board (CPP Investments), an affiliate of GIC, HarbourVest Partners, and Public Sector Pension Investment Board (PSP Investments). The transaction valued Lytx in excess of $2.5 billion and was completed in February 2020. Permira intended to leverage its global footprint and cross-sector expertise in technology and industrials to accelerate Lytx's revenue growth both domestically and internationally, while supporting continued product innovation, strategic acquisitions, and digital transformation of fleets worldwide.

Lytx acquisition details
AcquirerDateTypePrice
  • Permira
8 Jan 2020PE buyout$2.5B

Lytx Valuation

Lytx is currently valued at $1.5B, based on its undisclosed-stage round in April 2018.

The $700M round included Guggenheim Taxable, PSP Investments, Clearlake Capital and HarbourVest Partners.

Lytx valuation by funding round

Lytx valuation by funding round
DateStageValuationRevenue Multiple
Apr 2018Undisclosed stage$1.5B3.0x

Lytx Revenue

Lytx's latest recorded revenue is $501M, as of its undisclosed-stage round in April 2018. At a $1.5B valuation, that implies a 3.0x revenue multiple.

Lytx revenue by funding round

Lytx revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2018$501M$1.5B3.0xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Lytx Funding History

Lytx has raised a total of $700M across 1 funding round.

Lytx funding rounds

Lytx funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2018Undisclosed stageGuggenheim Taxable; PSP Investments; Clearlake Capital; HarbourVest Partners$700M$1.5BLytx, a San Diego-based global leader in video telematics, announced a strategic partnership on April 6, 2018, with new investors Clearlake Capital Group, HarbourVest Partners, PSP Investments, and Guggenheim Investments joining existing shareholder GTCR. The transaction raised over $700 million in capital and established an enterprise value in excess of $1.5 billion, positioning Lytx as the most valuable video telematics company worldwide. The company provides video-based driver safety solutions like DriveCam, analyzing over 80 billion miles of driving data to help fleets improve safety, efficiency, and profitability. By 2017, Lytx had sold 300,000 new subscriptions over a three-year period, reaching half a million total subscriptions and capturing over 60% market share according to Frost & Sullivan. The investors committed to fueling further expansion and client-centric innovation in the rapidly growing video telematics market. Lytx pioneered the industry since 1998, serving large fleet operators and protecting over 850,000 drivers. In 2018, Lytx achieved record performance by adding over $200 million in contract value and deploying DriveCam event recorders into 122,000 additional vehicles, bringing the total to 530,000 units, while maintaining about 60% U.S. market share. The company leverages AI and machine vision on massive driving datasets, analyzing over 100 billion miles, to identify risks and support customers in a market of 25 million North American commercial vehicles without in-cab video and 130 million worldwide.

Who has invested in Lytx?

4 investors have backed Lytx across its funding rounds, including HarbourVest Partners, Clearlake Capital, PSP Investments and Guggenheim Taxable.


Lytx Investors

Investors in Lytx by funding rounds participated
InvestorHQRoundsRoleFirst check
Guggenheim TaxableUnited StatesWashington, DC1ParticipantApr 2018
PSP InvestmentsCanadaOttawa1ParticipantApr 2018

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Lytx Competitors

Lytx competitors include listed companies like WeRide and EquipmentShare.com, and private ones like UISEE, TuSimple, Peregrine.ai and G7.

Public and private companies comparable to Lytx
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
UISEEChinaBeijingPrivate--$1.1B-
TuSimpleUnited StatesSan Diego, CAPrivate--$1B-
Peregrine.aiGermanyBerlinPrivate$30M-$2.5B83.3x
G7ChinaBeijingPrivate--$2.2B-
WeRideChinaChinaPublicly listed$102M($257M)$1.9B8.3x
EquipmentShare.comUnited StatesUnited StatesPublicly listed$4.4B$704M$4.6B1.8x

Lytx Public Comps

Lytx is no longer listed, but its public comps include NextNav, Hesai Technology, Karooooo, Pony AI, GigaCloud Technology, WeRide, Transfar Zhilian Co, TravelSky, SureKAM Corporation and HL Mando.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
NextNav$5M($169M)503.2x540.7x(13.6x)(48.0x)
Hesai Technology$451M$71M4.0x3.1x25.3x24.0x
Karooooo$337M$148M6.3x5.7x14.3x13.8x
Pony AI$90M($71M)21.1x14.1x(26.9x)(7.9x)
GigaCloud Technology$1.3B$158M1.6x1.4x12.8x10.6x
WeRide$102M($257M)11.4x8.3x(4.5x)(5.0x)
Transfar Zhilian Co$3.7B$258M1.0x1.3x14.0x12.5x
TravelSky$1.3B$518M0.9x0.9x2.3x2.3x

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Common questions about Lytx

When was Lytx founded?Lytx was founded in 1998.
Where is Lytx headquartered?Lytx is headquartered in San Diego, CA, United States.
Is Lytx publicly listed?No, Lytx was acquired by Permira in January 2020.
Who acquired Lytx?Lytx was acquired by Permira in January 2020.
How much was Lytx acquired for?Lytx was acquired for $2.5B in January 2020.
What is Lytx's valuation?Lytx was last valued at $1.5B in its undisclosed-stage round in April 2018.
How much funding has Lytx raised?Lytx has raised $700M across 1 funding round.
What was Lytx's last funding round?Lytx's last funding round was a $700M undisclosed-stage round in April 2018.
Who are Lytx's investors?Lytx's investors include Guggenheim Taxable, PSP Investments, Clearlake Capital and HarbourVest Partners.
What is Lytx's revenue?Lytx's latest recorded revenue is $501M (April 2018).
What is Lytx's revenue multiple?Lytx's latest valuation implies a 3.0x revenue multiple ($1.5B valuation on $501M of revenue).
Which companies are comparable to Lytx?Companies comparable to Lytx include UISEE, TuSimple, Peregrine.ai, G7, WeRide and EquipmentShare.com.

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