- Renovo Capital and Otodata’s management team retain a minority stake in the business
- Otodata’s Tag Tracking unit provides vehicle tracking and stolen-vehicle recovery services in Canada
- Evercore and DLA Piper advised Otodata, while Baird and Ropes & Gray advised GI Partners
GI Partners has closed on a majority investment in Otodata, a provider of remote monitoring and vehicle tracking technology. Existing shareholders, including Renovo Capital and Otodata’s management team, will retain a minority stake in the company.
Founded in 2010 and headquartered in Montreal, Otodata provides remote monitoring hardware, software and applications that let distributors track tank levels remotely, with an installed base of more than 3.5 million monitored tanks across North America, Europe, Latin America and the Middle East. The company also operates Tag Tracking, a provider of vehicle tracking, theft prevention and stolen-vehicle recovery services through a proprietary communications network in Canada.
“Otodata is a best-in-class business that we have admired for a number of years, operating in a mission-critical category,” said Jerry Stapp, managing director at GI Partners. “We see strong tailwinds in IoT from artificial intelligence, automation, and digitization, and Otodata is well positioned to capture them… We’re excited to partner with Otodata and Renovo to accelerate that momentum through continued investment in the team and product roadmap.”
Evercore served as financial adviser and DLA Piper as legal adviser to Otodata. Robert W. Baird & Co. served as financial adviser and Ropes & Gray as legal adviser to GI Partners.
Editor’s note: This news brief was produced with the assistance of artificial intelligence.