Argentum’s Portfolio Company Fleetworthy Solutions Sold to Bestpass

NEW YORK, NY – November 29, 2023 – Argentum is pleased to announce the sale of its portfolio company, Fleetworthy Solutions, a leading provider of cloud-based fleet safety, compliance, and risk management solutions, to Bestpass, a portfolio company of Insight Partners and Susquehanna Growth Equity.  The terms of the transaction were not disclosed.

As the leading toll management and payment platform for commercial vehicles, Bestpass covers 100% of major toll roads across the U.S., supports more than 30,000 customers, processes over $1.5 billion in toll transactions annually, and offers a range of toll coverage options for owner-operators, regional fleets, and national fleets.  Together with Fleetworthy, the combined entity will offer a comprehensive suite of tech-enabled services and solutions that covers all aspects of tolling, compliance, and safety for commercial fleets of all sizes.

“Argentum has served as a trusted and supportive partner that has played an instrumental role in Fleetworthy’s success,” said Michael Precia, President and CEO of Fleetworthy.  “Since leading the company’s recapitalization in 2014, Argentum has actively provided invaluable strategic guidance, originated all 5 of our add-on acquisitions, and sourced customer and partnership opportunities – all of which have helped us achieve dramatic revenue growth, drive significant operating leverage and profitability, and create tremendous value.”

“The sale of Fleetworthy was the culmination of a highly successful investment that was an ideal representation of Argentum’s strategy and value-added approach”, said Daniel Raynor, Co-founder and Managing Partner of Argentum and former Chairman of Fleetworthy.  “We developed a thesis based on Argentum’s prior experience in the transportation space, directly sourced a proprietary opportunity through our outbound approach, and actively helped management build Fleetworthy into a market leader.  In close partnership with Mike and his team, we executed Argentum’s time-tested playbook – unlocking organic momentum, alongside a targeted buy-and-build strategy, to create a rapidly growing and highly profitable enterprise.  We applaud the entire Fleetworthy organization on an exceptional outcome and wish them continued success as part of Bestpass.”

“Fleetworthy epitomized the type of company that Argentum looks to support – a founder-led, bootstrapped, and capital-efficient B2B tech-enabled services and software company that could benefit from a value-added partner to scale and accelerate growth,” added Chris Leong, Partner at Argentum.  “It’s been a privilege serving as Fleetworthy’s partner.  We congratulate Mike and his team and look forward to their ongoing efforts to make our nation’s roads and fleets safer.”

Argentum is a New York-based growth equity firm that helps scale bootstrapped B2B software, technology-enabled and business services companies. The firm invests in B2B software firms and tech-enabled and business services companies that are generating $5 million to $30 million in revenues, providing capital to accelerate growth, fund acquisitions and / or generate shareholder liquidity.  Over its 30-year history, Argentum has invested in over 100 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 capital-efficient companies seeking $5 million to $15 million of equity capital.