FleetMatics Finds $68M From IVP

FleetMatics, a developer of GPS technology for tracking commercial fleets, said today it has received a growth equity financing worth $68 million, led by Menlo Park, CA-based Institutional Venture Partners and Investcorp Technology Partners, a FleetMatics majority owner. The company, which has offices in Boston, said the funding will help it pursue growth as a software-as-a-service provider of vehicle-tracking technology. New World Ventures also joined the funding round as a new investor in FleetMatics.

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