ZURICH and LONDON, Dec. 2, 2019 /PRNewswire/ -- DRIVE Software Solutions (DRIVE), pioneer in the fleet management software industry, has secured funding from Swiss investment firm VIVA Investment Partners (VIP) to accelerate its global growth in the consolidating digital fleet management market.
Based in Stevenage UK, DRIVE is the company behind ODO, the leading software as a service (SaaS) product that manages the administration, service delivery and compliance of customer vehicle assets through one secure, organised application. The ODO platform runs on Oracle Cloud and is deployed in either an App, Tablet or PC form. It enables SME businesses to transform their purchasing and control all vehicle asset-related services in an ordered service usage model.
VIVA Investment Partners, with a focus on the transportation and mobility sectors including aviation, spacetech and the automotive ecosystems, considers digital services as an integral part of the future of the car industry.
To oversee the company's global expansion, Alastair Houston has been appointed as the new CEO of DRIVE. Alastair brings more than 30 years' experience in the automotive sector, most recently as Managing Director of Sandicliffe Motor Contracts and as a board member at Northgate. He has extensive management experience and has consistently executed profitable sales growth.
Commenting on VIP's investment in DRIVE, 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, who joined the board of directors of DRIVE Software Solutions, commented: "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. DRIVE fits our criteria for success and is now well-positioned to expand globally in a consolidating market."
About Drive Software Solutions
About VIVA Investment Partners
VIVA Investment Partners AG (VIP) was founded by successful entrepreneurs and venture capital investors to acquire equity stakes in and provide financing to established alternative asset managers (fund investments) and emerging growth companies (direct investments). With over two decades of experience transacting with institutional financial firms in the United States, Switzerland, Europe, and Australia, our team has completed over 100 equity transactions and collectively managed over $10 billion in aggregate capital commitments. Central to VIP's success is our Business Services Platform TenX®, which includes Follow the Entrepreneur® (FTE) and EntrepreneurCountry Global® (ECG). The TenX team provides strategic support to our underlying partners in various areas, seeking to significantly scale their existing business (TenX).
SOURCE DRIVE Software Solutions