CHICAGO – February 24, 2016 – First Analysis acted as the exclusive placement agent in a growth capital raise, closed in February 2016, for Cartasite LLC, a leading provider of Industrial Internet of Things ("IoT") solutions for asset and resource intensive industries. First Analysis provided advisory expertise to Cartasite throughout the transaction, including preparation, positioning, investor coordination and contact, due diligence and negotiation. The investment will be used to fuel the growth of Cartasite, and comes as oil and other commodity prices have placed increasing pressure on producers and servicers to drive efficiency from their employees. Cartasite has emerged as a market leader in driver safety, fleet management, asset monitoring and field operations for companies such as ConocoPhillips, Cameron, and Anadarko, and has delivered measurable ROI and demonstrable improvements in performance across a wide range of geographies and use cases.
The equity investment was made by Bison Capital, a private equity firm which focuses on forging partnerships with entrepreneurs and management teams to make growth-oriented investments in leading middle-market companies. This capital infusion will enable Cartasite to scale its sales and operations, further strengthen its proprietary technology and IP, and accelerate the commercialization of additional offerings. Bison invested with a long term thesis around the value of vertically focused IoT software and is expected to assist the Company in increasing its recurring revenue base and reach.
"First Analysis has a deep understanding of the emerging Industrial IoT markets and has differentiated itself as thought leader in the space. It was their expertise and vision which brought Cartasite and Bison together," noted David Armitage, CEO of Cartasite.
Bison's Andreas Hildebrand noted, "Cartasite has established itself as one of the important leaders in the emerging Industrial Internet of Things marketplace, delivering practical solutions that address operational efficiency, safety, and security. First Analysis was crucial in making the introduction to Cartasite and in negotiating a deal that worked for all parties."
Headquartered in Denver, CO, Cartasite was formed in 2004 with the goal of delivering practical technology solutions that enhance safety, security, and operating efficiency for energy, mining and other heavy equipment sectors worldwide. With deployments in 31 countries, customers rely on Cartasite's real-time monitoring systems to produce results that streamline operations, save lives, and protect the environment.
For more information about this transaction, or with questions about how we can assist you or your clients, please contact the following First Analysis representatives:
Senior Vice President
About First Analysis
Founded in 1981, First Analysis has a 35-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 equity research and private equity 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, public equity and debt financing, and private equity placements.
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First Analysis Acted as Exclusive Placement Agent in Cartasite's Growth Capital Raise by Bison Capital
First Analysis Securities Corp. (FASC) is a registered broker/dealer with FINRA and member SIPC.