Dallas, TX and Philadelphia, PA – December 17, 2019 – Geoforce, a leading provider of global traceability and Track and Trace solutions for field equipment and vehicles, announced today that LLR Partners has acquired a majority stake and made a growth capital investment in the business.
Geoforce offers a cloud-based software platform that delivers a unified view of multiple asset types, including non-powered equipment, powered equipment and vehicles, through ruggedized satellite and cellular-based GPS devices. Its solutions help more than 900 customers in over 70 countries manage dispersed field assets in often chaotic operating environments while reducing maintenance costs, increasing transparency between parties, and improving safety and compliance. Geoforce is the leader in the Oil & Gas market and its solutions are used in many other industries with intensive field operations and remote equipment, including agriculture, construction, mining, transportation, logistics and rail.
“LLR brings strong industry knowledge and experience in industrial IoT and asset tracking, an extensive network of industry and operational resources and a deep pipeline of potential M&A opportunities,” said James MacLean III, CEO of Geoforce. “We look forward to working with LLR to help accelerate our growth into new markets and continue to enhance our innovative solutions for field asset tracking.”
“While the industrial IoT space overall is still very nascent and largely underpenetrated, Geoforce is already established as a vertically-focused, leading player of scale within Oil & Gas and companies are rapidly adopting asset tracking solutions to operate more efficiently,” said Dan Irwin, Vice President at LLR Partners. “We are thrilled to partner with the Geoforce team to help capitalize on the significant growth opportunities ahead.”
Vaquero Capital served as financial advisor to Geoforce and DC Advisory served as financial advisor to LLR in connection with this transaction.
About LLR Partners
LLR Partners is a middle market private equity firm committed to creating long-term value by growing its portfolio companies. LLR invests in several industries, with a focus on technology, healthcare and services businesses. Founded in 1999 and with more than $3.5 billion raised across five funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts. For more information about LLR and insights on scaling growth companies, visit www.llrpartners.com.