Provision

Provision

The Next Evolution In Fleet & Driver Management:

  • Delivers products that allow fleet managers to reduce fleet risk, increase driver safety and comply with growing governance and compliance regulations.
  • Merged 4 key technologies: video input systems (cameras and scanners), smart processing systems, communications systems and unique algorithmic IP to deliver intelligent driver and fleet safety systems.
  • Revenue €2.9 million in 2018, the first full year of trading, and its expected to be €5m+ in 2019.
  • Series A round is anticipated in Q4; this is expected to produce a substantial uplift on the Fund’s original investment.

Founders: Mervyn O’Callaghan CEO and Simon Murray.

Key Statistics:

  • Market growing at CAGR of 20%
  • 350 customers and adding between 10 to 35 per month
  • Contract length between 3 & 5 years (revenue visibility excellent)
  • MoM growth rates in recurring revenue (RR) of 14%