The Public Sector Pension Investment Board, along with a consortium of other investors, is acquiring a majority stake in Lytx Inc., a video-telematics company.

The investment, which was headed by global private equity firm Permira, included the Canada Pension Plan Investment Board, an affiliate of GIC Private Ltd. and HarbourVest Partners in the deal. The deal values the company in excess of US$2.5 billion.

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Video telematics uses data, machine vision and artificial intelligence to develop roadway insights relevant to commercial vehicle fleets. This helps transportation businesses optimize their fleet operations and reduce claims costs, according to a press release.

“With Permira’s expertise and the capital from this transaction, Lytx is embarking on our next phase of growth and customer-centred innovation as we accelerate product development, make strategic acquisitions, expand globally and further lead the digital transformation of fleets worldwide,” said Brandon Nixon, chief executive officer of Lytx, in a press release.

The financial terms of the acquisition weren’t disclosed.

Read: PSP Investments acquiring Copenhagen real estate

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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