Goodwin Procter advised client Fleetmatics Group PLC (NYSE: FLTX), a leading global provider of commercial fleet management solutions, on its initial public offering of common stock which closed Oct. 11, 2012.
The stock was offered at $17 per share, and the net proceeds from the sale were approximately $94.3 million. Barclays acted as joint book-running manager for the offering; RBC Capital Markets, Stifel Nicolaus Weisel and William Blair acted as co-managers.
The Ireland-based Fleetmatics provides a mobile-software platform allowing businesses to monitor and manage their vehicle fleets with data on location, fuel usage, speed and mileage. The company sells subscriptions to its software platform and had more than 16,000 customers with more than 281,000 vehicles as of June 2012.
Goodwin has advised Fleetmatics on a variety of matters over the past two years including acquisitions, financing, labor and employment, compensation and compliance.
“We are thrilled to have been able to bring our firm’s capital markets expertise to this terrific cross-border IPO,” said Kenneth Gordon, a partner in Goodwin’s Technology Companies practice. “We look forward to being part of the Fleetmatics team going forward.”
Steve Lifshatz, Fleetmatics CFO added, “Goodwin’s team assisted us as we addressed the various legal and regulatory complexities of our cross-border IPO, and made sure our process stayed smoothly on track throughout.”
The Goodwin team that advised Fleetmatics on the IPO included Gordon, Joseph Theis, Bethany Withers, and Alexandra Denniston.