The US regulator, the Securities and Exchange Commission (SEC) is conducting a review of FleetMatics’ accounts and other financial transaction history before giving the green light for an initial public offering.
FleetMatics chose the US capital markets to float because the bulk of the company’s revenues are generated in the US, says chief marketing officer Karen Leavitt.
She said because of ongoing discussions with the SEC, the company is limited in the amount of information it can divulge.
FleetMatics does not disclose yearly revenues. But it has 260,000 users who pay a monthly subscription fee of between $40 and $50 (€32 and €40) per month, which would mean yearly revenues of $124m-$156m. Ms Leavitt says it has not yet been decided how much the company will look to raise in an initial public offering.
It is unclear how long the SEC review will take. Even though the firm has provisionally pencilled in an initial public offering for August or September, it depends on market conditions, says Ms Leavitt.
“I cannot promise that we will float this year. We will make a prudent decision once we get clearance from the SEC. It will really depend on market conditions and what our financial advisors say.”
FleetMatics provides GPS vehicle tracking solutions for SMEs. It has more than 14,000 customers globally, tracking almost 250,000 vehicles.
“Fleet owners have full management of their fleet through the various elements of the FleetMatics system, such as GPS-based fleet tracking software, a Command Centre Dashboard for real-time fleet monitoring over the internet, comprehensive management reports, and the industry’s only panoramic reporting that allows operatives to see how they have performed over time,” according to the company’s website.
“The intuitive, cost-effective web-based system enables fleet owners to easily locate and deploy their vehicles through live, real-time tracking and minute-by-minute route verification, improving scheduling and overall productivity.”
FleetMatics’ headquarters are in Ireland, with UK offices in Reading and Glasgow, and US headquarters in Boston.