Fleetio has announced its acquisition of maintenance authorisation platform Auto Integrate, in a move to enhance its fleet management capabilities.
This development follows the completion of a $450m Series D funding round by Fleetio, which operates as a fleet optimisation software platform.
The funding round was co-led by existing investor Elephant and new participant Growth Equity at Goldman Sachs Alternatives. The financial backing places the combined company’s valuation at over $1.5bn.
Since its inception in 2012, Fleetio has provided a cloud-based platform and mobile application that aids fleets in vehicle maintenance management, asset optimisation, and downtime reduction. Serving more than 7,500 fleets across public and private sectors in over 100 countries, Fleetio connects users with a network of maintenance providers to streamline outsourced repair services.
The merger with Auto Integrate aims to establish a unified platform targeting fleet operators across North America. The integrated system is expected to manage over 8 million vehicles and handle upwards of 13 million repair orders annually through a network of more than 110,000 repair shops in the US, Canada, and Mexico.
Auto Integrate’s software enables electronic submission of repair orders for quick approval, which reduces vehicle downtime and enhances operational efficiency. This feature will be incorporated into Fleetio’s offerings to provide a cohesive experience for managing complex maintenance operations.
Fleetio CEO Jon Meachin said: “This acquisition is transformative for our ability to equip customers with the simplest and most efficient solution for fleet maintenance and management.
“By bringing together Fleetio’s comprehensive fleet optimisation capabilities with Auto Integrate’s specialized maintenance authorisation network, we’re creating a truly customer-focused, end-to-end solution that addresses the most critical pain points fleet operators face today.”
Fleetio plans to invest significantly in research and development to integrate Auto Integrate’s functionalities into its ecosystem. These enhancements are intended to benefit existing customers from both firms, including fleet management companies (FMCs), rental car operators, and repair shops, while also expanding capabilities for Fleetio’s customer base.
In May 2023, Fleetio closed a Series C funding round amounting to $144.7m with Elephant as the lead investor.
Jeremiah Daly at Elephant said: “Fleetio’s strategic acquisition of Auto Integrate represents precisely the kind of transformative opportunity Elephant seeks to support, one that fundamentally elevates the customer experience by combining powerful, complementary technologies.
“We are excited to deepen our partnership with Fleetio as they continue to redefine what’s possible in fleet maintenance and proudly support their vision for a streamlined, end-to-end ecosystem that enhances operational efficiency for North America’s fleets.”
