Argyle, TX, and Menlo Park, CA, January 29, 2020 — Track What Matters, LLC, DBA Rhino Fleet Tracking, an innovative provider of GPS fleet management software and services, today announced that it has completed a majority interest sale of its company to Accel-KKR, a leading Silicon Valley based technology-focused investment firm.
Rhino Fleet’s GPS-based fleet tracking system is utilized by thousands of small – and medium-sized businesses every day to improve overall driver safety and protection, lower fuel and labor costs and deter theft and waste. Recognizing the customer’s need for flexibility and ease of implementation, Rhino was the first GPS tracking company to successfully introduce No-Contract Fleet Tracking Services – making its powerful fleet management solutions accessible to business owners and fleet managers on the go. Rhino Fleet Tracking has seen tremendous growth in recent years, and Accel-KKR’s investment helps set the path for even faster growth and product innovation.
“This acquisition times perfectly with the impending launch of our 3rd generation of the Rhino Fleet Tracking application scheduled for release this spring,” said Steven Van Ooyen, founder and CEO of Rhino. “Accel-KKR’s well-established track record of growing SaaS software businesses perfectly aligns with Rhino Fleet Tracking’s business goals around growth and innovation. This investment connects Rhino Fleet Tracking with the right kind of resources and expertise required to accelerate our efforts to provide the best technology solutions and customer experience to an even larger number of fleet customers throughout the United States and abroad.”
With the completion of the transaction, Mr. Van Ooyen will work as an advisor in the fleet tracking and field services space with Accel-KKR, and also serve as a member of Rhino Fleet Tracking’s board of directors to guide the company’s direction.
Effective immediately, Michael Brown, current President and Chief Operating Officer, will assume the role of Chief Executive Officer. Having served the company through its fastest growth period, Mr. Brown brings a breadth of experience growing multiple businesses, including leadership roles at some of the pioneers of the long-haul trucking fleet management technology space.
“I am pleased to lead Rhino Fleet Tracking through the next phase of growth: our team is motivated to innovate, grow and serve our customers, and I couldn’t be happier to have the involvement and guidance of Accel-KKR,” said Brown. Mr. Brown will also serve on the company’s Board of Directors.
Phil Cunningham of Accel-KKR said, “We are very impressed with Rhino Fleet Tracking’s ability to retain and grow customers who make the choice every month to continue to leverage its technology solutions. A company that is willing to risk losing a customer without imposing a penalty yet is growing rapidly must clearly be providing tangible value and exceptional service, as Rhino has proven to do. We are excited to partner with this team of customer-focused individuals to serve a greater number of businesses with enhanced products and services.”
“At Accel-KKR, we always believe that great products managed by strong management teams will earn the loyalty of customers, even when it seems that the switching costs are low. Mission-critical services coupled with great customer experience will always be valued by customers, and Rhino is a case in point,” said Rob Palumbo, Managing Director and founding partner at Accel-KKR. “We are happy to welcome Rhino to the AKKR family.”
Founders Advisors served as the exclusive advisor to Rhino Fleet Tracking on the transaction.
About Rhino Fleet Tracking:
Based in Argyle, Texas, Rhino Fleet Tracking provides intuitive fleet tracking service to all sizes of commercial business throughout the United States and abroad. Rhino Fleet Tracking’s services allow business fleets to capture very quick returns on investment through labor and fuel savings, gains in operational efficiency, and theft recovery. Service offerings include solutions for vehicle, trailer, and equipment tracking via cloud-based mobile and desktop applications. https://www.rhinofleettracking.com
Accel-KKR is a technology-focused investment firm with over $9 billion in capital commitments. The firm focuses on software and IT-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.