Xata Corp. announced that it had received an additional $6 million investment from Trident Capital through a private placement of shares. Trident Capital, a private equity firm focusing on information services and enterprise software businesses, owns about 42 percent of Xata.
Xata plans to use the funds to extend its product portfolio not only in its current markets but also in new market segments for the company – for-hire fleets, mid-size fleets and fleets with Class 3-5 vehicles. The company also will launch its professional services offerings, including fleet operations consultation, enterprise integration and project management. Xata also will use the money to support direct sales and to build distribution partnerships to increase market penetration.
“Our investment will help XATA continue expansion of their on-demand cost and compliance solution, and position them for future growth into new markets,” said Christopher Marshall, managing director of Trident.