Fleet management software firm DRIVE Software Solutions (DRIVE) has secured funding from Swiss investment firm VIVA Investment Partners (VIP).
Based in Stevenage UK, DRIVE is the company behind SaaS product ODO, which manages the administration, service delivery and compliance of customer vehicle assets through one application.
The funding, for an undisclosed amount, will be used to accelerate the global growth of the firm and consolidate the digital fleet management market.
The ODO runs as an app or as software on a PC. It enables SME businesses to control vehicle asset-related services.
Investor VIVA Investment Partners has a focus on the transportation and mobility sectors, including aviation, space technology and the automotive ecosystems.
To oversee the company’s global expansion, Alastair Houston has been appointed as the new CEO of DRIVE.
Houston brings more than 30 years’ experience in the automotive sector, most recently as MD of Sandicliffe Motor Contracts and as a board member at Northgate.
The firm said he has extensive management experience and has consistently executed profitable sales growth.
Commenting on the investment, Houston said: “The automotive sector is going through unprecedented change, resulting from the fragmentation within the marketplace.
“ODO is a brilliant and simple solution to seamlessly connect fleet providers, services and end users. We have a unique product and are thrilled to now have the financial strength and expertise that VIVA Investment Partners brings to the business.
“Securing this expansion funding from a sophisticated international investor despite the uncertainties around Brexit is a significant milestone.”
Dr. René Eichenberger, chairman of VIVA Investment Partners has joined the board of directors of DRIVE Software Solutions.
“Through two decades of venture capital experience in the US and in Europe, we were fortunate to work with some of the best management teams and helped a number of emerging growth companies realise their full potential” said Eichenberger.
“DRIVE fits our criteria for success and is now well-positioned to expand globally in a consolidating market.”