GI Partners buys majority of Otodata, backer of 3.5M monitored tanks
What's the deal? GI PartnersDealroom has a profile for this one. Try Dealroom → has closed a majority investment in Otodata HoldingsDealroom has a profile for this one. Try Dealroom →, the Montreal-based remote monitoring and vehicle tracking company. Existing shareholders, including Renovo CapitalDealroom has a profile for this one. Try Dealroom → and management, keep a minority stake. Financial terms were not disclosed.
What each side brings: Founded in 2010, Otodata provides full-stack remote monitoring for distributed tank assets, with more than 3.5 million monitored tanks across North America, Europe, Latin America, and the Middle East. It also runs Tag TrackingDealroom has a profile for this one. Try Dealroom →, a vehicle tracking and stolen vehicle recovery service in Canada. GI Partners, a private investment firm founded in 2001, has raised more than $50 billion.
Why now? Otodata's systems let customers monitor tank levels remotely to optimise asset use and prevent costly runouts. GI Partners sees room to grow. "We see strong tailwinds in IoT from artificial intelligence, automation, and digitization, and Otodata is well positioned to capture them," said Jerry Stapp, managing director at GI Partners.
What's the endgame? Otodata wants to strengthen its offerings and push into new verticals. "GI Partners' deep experience investing in Internet of Things businesses, paired with its operational and digital infrastructure expertise, will help us strengthen our current offerings, better serve current and new customers, and accelerate our expansion into new verticals," said chief executive officer Jeremy Eaton.
Renovo, which first invested in 2020, stays on for the next phase. "Working alongside the Otodata management team since our initial investment in 2020 has produced incredible results," said Matt Farrell, partner at Renovo.
The deal team: EvercoreDealroom has a profile for this one. Try Dealroom → advised Otodata on finance and DLA PiperDealroom has a profile for this one. Try Dealroom → on legal. Robert W. Baird & Co.Dealroom has a profile for this one. Try Dealroom → advised GI Partners on finance and Ropes & Gray LLPDealroom has a profile for this one. Try Dealroom → on legal.
The signal: The deal is a bet that Internet of Things monitoring — long a slow-burning category — will accelerate as AI and automation raise the value of real-time asset data. For GI Partners, whose private equity arm targets software and services, Otodata's installed base offers a scaled foothold in a mission-critical niche.
Image credit: IBM Research
