CHICAGO – Dec. 8, 2021 – First Analysis acted as the exclusive financial advisor to SmartWitness in its sale to Sensata Technologies (ST). The SmartWitness platform is comprised of proprietary vehicle telematics software and video hardware that’s purpose built for the indirect channel, including telematics service providers (TSPs) and resellers that serve vehicle fleet operators. Fleet operators use these products to assign fault in accidents and make roads safer everywhere through driver behavior modification.
Since its founding in 2007, SmartWitness has been a pioneer in video telematics that expand on traditional offerings using artificial intelligence and machine learning to provide contextually aware data that enhances the accuracy and documentation of what really happens in the field. SmartWitness has single and multiple camera platforms, monitoring vehicles and their surroundings to increase safety and driver retention while lowering insurance costs for fleets. The company offers connected video telematics hardware, software, analytics and support, including interfaces with more than 40 TSPs globally. Since 2017, SmartWitness has shipped more than 250,000 connected devices to fleet customers through its telematics channel partners, making its solutions among the most widely adopted within the industry. The company’s solutions are used by fleets across several market segments, including commercial trucking, federal and municipal fleets, school and public transit networks, and military and first-responder vehicles.
First Analysis focuses its advisory services on high-growth, entrepreneur-driven software companies like SmartWitness. The First Analysis team worked closely with the founder and management team to optimally position the company and find the best partner to help SmartWitness to continue to achieve its objectives. First Analysis was actively engaged throughout the transaction process, including preparation, positioning, investor coordination and contact, due diligence and negotiation.
“First Analysis’ industry expertise was essential during the process. The team understood our objectives and growth trajectory and helped us find a partner to realize our full potential,” said Nick Mirchef, CEO and co-founder of SmartWitness. “We see a great future ahead in video, and we’re excited to merge our expertise with Sensata’s substantial resources, telematics capabilities and operational expertise.”
SmartWitness is a leading global provider of video telematics solutions with roots dating back to 2007. Ranked as one of the top five providers by industry analysts, the company sells exclusively through integrators and channel partners using its best-in-class platform, SmartAPI. With over 250,000 connected devices deployed and logging 50 million miles per day, SmartWitness provides video telematics hardware, software and services that help partners develop fleet management solutions that optimize operations, improve driving behavior and mitigate risk. Additionally, the FIA European Truck Racing Championship (ETRC) depends on SmartWitness to capture and protect the truth as its official provider of judicial review.
About Sensata Technologies
Sensata Technologies is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end users. For more than 100 years, Sensata has provided a wide range of customized, sensor-rich solutions that address complex engineering requirements to help customers solve difficult challenges in the automotive, heavy vehicle, off-road, industrial and aerospace industries. With more than 19,000 employees and operations in 13 countries, Sensata’s solutions help to make products safer, cleaner and more efficient, more electrified and more connected.
About First Analysis
Founded in 1981, First Analysis has a 40-year track record of serving emerging growth companies and established industry leaders within its focused areas of domain expertise. Our investment banking practice leverages industry insights developed through our research and investing activities to deliver value to clients across the life cycle of a business. Providing senior-level attention to every client, First Analysis offers superior execution across a comprehensive range of investment banking services, including M&A advisory and growth financings.
David Gearhart, CFA
Senior Vice President
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First Analysis acted as the exclusive financial advisor to SmartWitness in its sale to Sensata Technologies
First Analysis Securities Corp. (FASC) is a registered broker/dealer with FINRA and member SIPC.