The Riverside Company’s Investment in FleetWatcher Paves the Way for Continued Success at Align Technologies

The Riverside Company, a global private investor focused on the smaller end of the middle market, has invested in FleetWatcher, a fast-growing fleet and materials management software provider that serves the heavy civil construction space, with a strength in the asphalt paving vertical. This investment represents another addition to the firm’s portfolio company Align Technologies (Align), a leading provider of construction operations solutions connecting the field, warehouse and back office. The acquisition extends Align’s solution suite, equipping customers with a fulsome platform comprised of asset management (from the smallest handheld tools to the largest rolling equipment), safety and compliance, and workforce management. FleetWatcher represents the third add-on for Align, following the acquisitions of busybusy, a time tracking solution for construction and remote industries, in November 2023, and Safety Reports, a construction-focused safety and compliance management software platform, in February 2022.

Founded in 1999 and headquartered in Indianapolis, Indiana, FleetWatcher provides innovative fleet and materials management solutions to heavy civil contractors. The company’s solution drives performance and efficiency gains by collecting and analyzing high-integrity data from equipment and the field. Created for the unique and complex workflows of on-road asphalt paving, FleetWatcher’s flagship Materials Management Solution offers robust functionality that lets paving companies optimize cycle times, reduce trucking costs, and increase productivity. Its Construction Management Solution lowers operational costs and increases the asset utilization of heavy civil contractors engaged in on-road and off-road construction projects, such as earthwork and site development.

“We are very excited to make another investment in the construction software space, and FleetWatcher is a great fit with what we are building at Align,” said Riverside Micro-Cap Fund (RMCF) Managing Partner Loren Schlachet. “The FleetWatcher team has done an excellent job of creating a best-in-class solution that is mission-critical for customers.”

FleetWatcher is another example of Riverside’s commitment to investing in the Software & IT industry. To date, the firm has completed more than 270 investments in the sector and has a team of global experts dedicated to growing companies in this specialization.

“Align is dedicated to offering best-in-class solutions that increase visibility, drive efficiency and enable real-time decision-making across the full spectrum of construction operations,” stated Align CEO Jay Martin. “In the past 24 months, we have added comprehensive safety, workforce management and wireless tracking capabilities to our construction management platform. FleetWatcher’s cutting-edge telematics solutions for heavy equipment contractors and best-in-class asphalt paving solutions further build out the Align product suite by enhancing our asset tracking offerings and enabling us to better serve our customers with heavy fleet and equipment needs.”

Align and FleetWatcher have complementary customer profiles and share a similar mission of creating safer, more productive and more efficient job sites by leveraging technology to optimize construction operations. The combined entity is well-positioned to drive innovation and deliver an enhanced customer experience through the exchange of intellectual property. Core FleetWatcher wireless tracking capabilities will be integrated into the Align platform, while safety and small tool asset management functionality from Align will be added to FleetWatcher’s product offering.

“FleetWatcher represents another highly strategic add-on for Align, and we are excited to further extend Align’s capabilities along the construction asset continuum,” said RMCF Senior Partner Joe Manning. “We plan to continue investing in product development at Align to provide our customers with the capabilities to manage their construction operations through a single, integrated platform.”

Working with Schlachet and Manning on this investment for Riverside was the team of Vice President Chris Shea, Senior Associate Erin Reger, Associate Baylor McCrary, Operating Partner Amar Patel and Finance Director Adam Mrozowsky. Managing Partner, Origination, Jeremy Holland sourced the investment opportunity for Riverside.