Argentum Supports Fleetworthy’s Acquisition of Our Safety Department
Acquisition further solidifies Fleetworthy as the leading unified cloud-based platform for commercial fleet compliance, risk mitigation and visualization
New York, NY – Argentum’s portfolio company, Fleetworthy Solutions, the leading provider of cloud-based compliance and risk mitigation software, data visualization solutions, and tech-enabled services for commercial fleets, has announced its acquisition of Our Safety Department (OSD), a developer of DOT compliance and workflow automation software. Argentum led the growth equity financing to support the transaction, alongside other existing Fleetworthy shareholders. OSD represents the fourth acquisition that Argentum has originated for Fleetworthy since it led the company’s original growth equity financing, joining RapidLog, TivaCloud, and On The Go Transportation Services.
The acquisition further solidifies Fleetworthy as the most complete, end-to-end compliance and risk mitigation platform for private fleets, for-hire carriers, and third-party logistics companies. Over 1,200 leading commercial fleets, covering a footprint of more than 200,000 drivers and over 250,000 assets, rely on Fleetworthy to manage and identify risk, adhere to DOT, IFTA, IRP, and other regulations, and help ensure safe and compliant operations.
“OSD brings additional levels of automation and functionality to the Fleetworthy platform,” said Michael Precia, CEO and President of Fleetworthy Solutions. “The seamless integration of OSD’s technology with our next-generation cloud-based platform represents just the first of several new enhancements that Fleetworthy will be releasing in the coming months. Fully integrated Driver Qualification processes, Enhanced Dashboards, Partner Tiles, expanded ELD integrations, expanded driver safety monitoring services, and predictive analytics are all on the way. Combined with our 30+ years of commercial fleet experience and industry-leading client services team, these new capabilities enable Fleetworthy to deliver even higher levels of efficiencies, valuable insights, and data-driven intelligence to our clients – all via a flexible delivery model that ranges from a cloud-based do-it-yourself software-as-a-service (SaaS) platform to a fully outsourced, turnkey, tech-enabled managed service.”
“As one of the longest-tenured, highly respected, and most technologically innovative providers in our industry, we are confident that our customers will be in good hands under the Fleetworthy umbrella,” added Joe Planeta, Founder of Our Safety Department. “I am excited to join Fleetworthy and help Mike and his team continue the company’s rapid growth.”
Daniel Raynor, Managing Partner of Argentum and Fleetworthy’s Chairman, added, “The OSD acquisition further expands upon Fleetworthy’s leadership position in the commercial fleet industry as the most comprehensive cloud-based platform that allows carriers to improve compliance, reduce costs and enhance operational efficiency. By successfully automating many previously manual processes, Fleetworthy is helping its clients achieve the digital transformation of their business practices”.
About Fleetworthy Solutions
Fleetworthy Solutions, Inc. is a leading provider of cloud-based compliance and risk mitigation software, data visualization solutions, and tech-enabled services for commercial fleets. Over 1,200 leading commercial fleets, covering a footprint of more than 200,000 drivers and over 250,000 assets, rely on Fleetworthy to manage and identify risk, adhere to DOT, IFTA, IRP, and other regulations, and help ensure safe and compliant operations. With over 30+ years of commercial fleet experience and a flexible delivery model that ranges from a cloud-based do-it-yourself software-as-a-service (SaaS) platform to a fully outsourced, turnkey, tech-enabled managed service, Fleetworthy helps private fleets, for-hire carriers and third-party logistics companies of all sizes surpass compliance of federal, state, and local regulations and streamline processes to reduce costs and mitigate risks.
The company can be found at: https://www.fleetworthy.com/
Argentum is a New York-based growth equity firm that partners with entrepreneurial owners to build industry-leading B2B software, technology-enabled and business services companies. The firm invests in companies with revenues of $5 million to $25 million, providing capital to accelerate growth, fund acquisitions and / or generate shareholder liquidity. Over its 30-year history, Argentum has invested in 90 companies and supported more than 200 add-on acquisitions. Argentum fills the growing gap between early-stage venture capital investors and later stage growth equity firms by targeting bootstrapped companies seeking $5 million to $15 million of equity capital.