AutoAlert’s customers sold more than 305,000 vehicles worth $687m last year. The company posted an annual revenue growth rate of over 70 per cent between 2009 and 2013.
HGGC co-founder and managing partner Steve Young said, “Boyd and Jeff have not just created a new product category, they have also demonstrated the ability to take this idea to market on a scale that is unprecedented for many solutions in this industry.
“We could not be more excited to start this next chapter with Boyd, Jeff and the AutoAlert team, as they just begin to demonstrate the power and value that ‘big data’ can bring to the automotive vertical.”
Lats month HGGC launched its second fund with a $1bn target.
Copyright © 2014 AltAssets