Xata Corporation, a provider of onboard fleet management systems, announced that it has received an additional $6.0 million investment by Trident Capital through a private placement of shares of its newly created convertible Series D Preferred Stock.
The funding will be used by XATA to extend its product portfolio for its current markets as well as market segments such as for-hire fleets, mid-size fleets and fleets with Class 3-5 vehicles. The Company will use the proceeds to launch its professional services offerings including fleet operations consultation, enterprise integration and project management.
Further use of funds will help grow XATA’s sales and distribution model by enhancing its direct sales and growing its distribution partnerships to increase market penetration.
Trident Capital, a private equity and venture capital firm, is an existing investor in the Company with approximately 42% ownership. Managing over $1.6 billion in capital, Trident Capital focuses on information services and enterprise software businesses.
Christopher Marshall, Managing Director of Trident stated, “Our investment will help XATA continue expansion of their on-demand cost and compliance solution, and position them for future growth into new markets. We are excited about our investment in XATA because of their experienced management team, deep customer relationships and innovative product leadership.”
