Draft:Fleet Complete

Fleet Complete is a telematics and fleet management software company headquartered in Toronto, Canada. The company also has international offices in Austria, Australia, Belgium, Denmark, Latvia, Estonia, Lithuania, Germany, Greece, The Netherlands, Norway, Sweden and the United States.

Fleet Complete’s software is used to track fleets of vehicles and other assets, as well as an AI-based solution for video telematics, Vision - a dash camera solution.

In 2014, the company partnered with private equity firm, Madison Dearborn Partners, which brought in $24 million in annual revenue. Following the partnership, Fleet Complete quadrupled in size and increased its revenue to $100 million. In 2018, the company announced a new investment partnership with Ontario Teachers’ Pension Plan, of over $200 million.

In 2019, American business consulting firm Frost & Sullivan, awarded Fleet Complete with the 2019 North American Company of the Year Award, following an analysis of the North American fleet telematics market.

History

Fleet Complete, formerly known as Complete Innovations, was founded in 1998 and incorporated in 2000 by college friends Tony Lourakis and Andrew Merisanu at Seneca College of Applied Arts and Technology. During Lourakis’ college years, he founded his first business, Canlogic Solutions - an IT solution provider. In 1998, Lourakis’ friend was working as a courier company driver and often described the difficulties of tracking deliveries with pen and paper. This gave Lourakis and Merisanu the idea to develop software that would automate courier tracking.

In 2000, the pair launched their first company, Courier Complete, later named Complete Innovations. By 2003-2004, Complete Innovations was generating $3 million-$4 million in annual revenue.

The company was initially created to support the courier service industry but quickly expanded across multiple sectors, including construction, trades and services and government. The signature product, Fleet Complete, launched in 2005 and as of 2020, more than 40,000 customers with more than 600,000 vehicles use the platform including partners such as Ford, Toyota and General Motors.

In 2017, it was announced that the company had further strengthened its market position with a year-on-year revenue increase of 50%, with $75 million globally.

In 2019, Fleet Complete partnered with America’s public safety communications platform, FirstNet, to improve the safety of first responders and public safety fleets.

The company’s Vision 2.0, the improved dash camera solution was mentioned in Fortune Business Insights’ In-Depth Research on Fleet Management Software Market Size report in 2023, which predicts the global fleet management software market size will reach USD 79.82 billion by 2030.