Fleet-Tracking Startup Motive Picks JPMorgan for US IPO

Motive Says It Is Generating About $500 Million of Annualized Recurring Revenue From More Than 100,000 Customers
Motive booth
A Motive booth at an industry show. (Seth Clevenger/Transport Topics)

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Motive Technologies Inc., a driver safety and fleet management startup using artificial intelligence technology, has hired banks led by JPMorgan Chase & Co. to push ahead with an initial public offering, according to a person familiar with the matter.

The San Francisco-based company is also working with banks including Citigroup Inc., Barclays Plc and Jefferies Financial Group Inc., the person said. Motive held an organization meeting on Aug. 11 to kick off preparations for the IPO, which could come as soon as the end of this year, according to the person.

Deliberations are ongoing, details such as timing could change and other banks may be added to the lineup, the person said, asking not to be identified because the information is private.



Representatives for Motive, JPMorgan, Citigroup and Barclays declined to comment. A representative for Jefferies didn’t immediately respond to a request for comment.

Motive last month raised $150 million from a pre-IPO funding round led by venture capital firm Kleiner Perkins, earmarking the capital to invest more in artificial intelligence and grow internationally, Motive’s co-founder and CEO Shoaib Makani told Bloomberg News in July.

Motive’s software and hardware helps owners of large vehicle fleets keep track of their vehicles, manage their maintenance costs and monitor driver safety, including via AI-driven dashboard cameras installed in the cabs of trucks.

The startup is generating about $500 million of annualized recurring revenue from its more than 100,000 customers and has posted positive cash flow since the fourth quarter of last year, Makani said in the interview. It hired chief financial officer Chirag Shah last year.

A 2022 funding round valued Motive at $2.85 billion, according to a statement at the time.

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