Fleetio acquires Auto Integrate for $1.5 billion

Fleetio, a company that specializes in fleet management software, has raised $450 million in funding. This money will help Fleetio acquire Auto Integrate, which provides maintenance-authorization services. The total value of this deal is over $1.5 billion. The investment was led by Elephant VC, a returning investor, and Goldman Sachs Alternatives, a new supporter. Once the acquisition is complete, the new company will manage more than 8 million vehicles and handle over 13 million repair orders each year. This will be done through a network of over 110,000 repair shops in the U.S., Canada, and Mexico. Fleetio's CEO, Jon Meachin, stated that managing a fleet can be very complicated and is often one of the highest costs for companies, aside from fuel. The merger will streamline the process for fleet managers by eliminating the need to call repair shops for vehicle services, which can take a long time. Fleetio and Auto Integrate have worked together since 2019. The acquisition will allow them to create a single digital platform that improves their services. Meachin mentioned the emphasis on enhancing their dashboards and integrating new technology. The company also plans to introduce artificial intelligence and machine learning to automate tasks like data entry and alert businesses to any repair issues or excessive spending. Meachin will continue as the CEO of the merged company, while Auto Integrate's CEO, Terry Bartlett, will join the executive team.