SAN DIEGO, CA and SANTA MONICA, CA, Sept. 25, 2012 /CNW/ - Wellington
Financial LP, a privately-held specialty finance firm, today announced
debt financing for SmartDrive Systems, Inc., of San Diego, CA., closed
in conjunction with a $47 million round of equity financing. SmartDrive
provides Web-based driver safety and fuel solutions for fleet
"SmartDrive is an innovator in fuel efficiency and driver safety. They
have developed a service delivery platform that provides materially
better results than any other company in the fleet safety and
management industry," said Eric Speer, Vice President of Wellington
Financial LP. "Over the past year, SmartDrive has continued to amass
the world's largest and fastest growing database of risky driving
events - over 50,000,000. We are delighted to add SmartDrive to our
ever-expanding U.S. portfolio of VC-backed innovation companies."
SmartDrive combines statistical video analysis and objective expert
reviews as well as recommendations to provide its customers with a
comprehensive driving performance program. Its customers have seen
dramatic results, up to 10% in fuel cost reductions as well as up to
50% in collision frequency reductions.
Steve Mitgang, CEO of SmartDrive said, "Partnering with Wellington
Financial only further validates our vision of offering a world class
driving performance program. With Wellington's impressive track record
of financing successful, high growth companies, we look forward to
working with them."
SmartDrive is backed by leading venture capital firms, including New
Enterprise Associates and Oak Investment Partners.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm
providing term, venture and amortizing loans up to $30 million.
Wellington Financial LP is currently managing a $500 million investment
program with offices in Toronto, Canada, and Santa Monica, California.
Wellington Financial LP is managed by a partnership controlled by fund
management and Clairvest Group Inc. (CVG:TSX), who jointly have
contributed a large financial stake to the Fund. LPs include several of
Canada's largest institutional investors, pension funds, family offices
and crown corporations. Please visit the fund website at
www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
About SmartDrive Systems
SmartDrive delivers innovative solutions that make it easy to improve
driver safety and reduce operating cost. SmartDrive records
comprehensive video-based data from the road, then thoroughly reviews
and scores critical events for fleet managers to quickly respond and
deliver sustainable savings - all through an easy-to-use managed
service. The company has compiled the world's largest storehouse - more
than 50 million events - of real-time, risky-driving incidents.
SmartDrive Systems is based in San Diego, CA, and employs over 375
people worldwide. For more information, please visit www.smartdrive.net
SOURCE: Wellington Financial LP
For further information:
Wellington Financial LP
Tel: (416) 682-6007, email@example.com