December 17, 2019
Capital to support continued innovation of leading field asset tracking solution for Oil & Gas and other industries
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.
Combining a cloud-based software platform with ruggedized GPS tracking devices and global satellite and cellular networks, Geoforce’s Track and Trace solutions bring control to often chaotic field operations. With over 900 customers tracking more than 140,000 assets in 70+ countries, the company operates the world’s largest network of connected field equipment within the Oil & Gas industry, and its solutions are used in many other field operations intensive industries, including agriculture, construction, mining, transportation, logistics, and rail. Headquartered in Dallas, Texas, Geoforce has R&D offices in Bozeman, Montana, sales and support offices in Houston, Texas, Denver, Colorado, Arroyo Grande, California, Macae, Brazil, and Melbourne, Australia, and sales and service professionals in West Texas and South Louisiana. For more information, visit www.geoforce.com.