ALBANY, N.Y., June 6, 2023 /PRNewswire/ — Bestpass, Inc., a comprehensive back-office automation software and toll management provider for commercial fleets, announced today the close of a large multi-million minority investment by global software investor Insight Partners. The funding will help Bestpass continue to deepen and expand its offerings for commercial fleets and owner operators. Insight joins Susquehanna Growth Equity as a major Bestpass investor.
Bestpass, founded in 2001, is the leading toll management and payment platform for commercial vehicles across the U.S. and Canada. Bestpass covers 100% of major toll roads across the U.S., supports more than 30,000 customers, and processes over $1.5 billion in toll transactions annually.
“We couldn’t be more excited to have Insight Partners, a premier software growth investor, join us as we continue to grow and expand our service offerings,” said Tom Fogarty, CEO of Bestpass. “Our mission is to provide solutions for our customers that simplify back-office management, saving time and money and enabling fleets and drivers to focus on their core business. This investment is an endorsement of the Bestpass vision and allows us to continue to innovate, expand our reach, and delight our customers.”
“SGE has been impressed with Bestpass’s growth since our initial investment in 2018, and we look forward to working with Insight to support the company in this next phase. Bestpass supports fleets and owner operators in the back office and on the road. They have expanded from 5,000 customers to 30,000 over the last few years, and we expect continued growth from this point forward,” said Ben Weinberg, Managing Director at Susquehanna Growth Equity.
“Bestpass has a long history as a strategic and trusted partner in the commercial transportation industry, with solutions that increase productivity and save money for fleets of all sizes and simplify commercial toll management for tolling providers,” said Anika Agarwal, Managing Director at Insight Partners. “Despite significant growth in recent years, we believe Bestpass is just scratching the surface of its potential. We’re thrilled to partner with the company’s strong leadership team, and Susquehanna Growth Equity as they continue to scale and extend Bestpass’ position as a market leader.” Anika and Adam Berger, Managing Director at Insight Partners, will both join the Bestpass board.
In recent years, Bestpass has expanded its service offerings beyond toll management through innovation, strategic industry partnerships, and acquisitions. In 2022, Bestpass introduced its own citation management and payments product, and added Heavy Vehicle Usage Tax (HVUT) e-filing tax services to its portfolio through its acquisition of ExpressTruckTax, the market leader. Earlier this year, Bestpass increased its scope by launching several new partnerships, including Drivewyze, the fastest growing provider of weigh station bypass and driver safety notifications, to provide its customers with an integrated offering of toll and weigh station bypass solutions. Since 2018, Bestpass has grown its customer base and revenue by 3x.
To learn more about Bestpass, visit www.bestpass.com.
About Bestpass, Inc.:
Bestpass is a provider of back-office automation software and toll management solutions for commercial fleets of all sizes. Bestpass saves fleets time and money by consolidating payments and providing insight to better manage costs per vehicle. Founded in 2001 by truckers for truckers, Bestpass is a trusted partner on the road and in the back office for customers and tolling authorities. To learn more, visit www.bestpass.com.
About Susquehanna Growth Equity:
Susquehanna Growth Equity (SGE) is an entrepreneur-centric growth equity fund with flexible capital and time horizons. SGE is exclusively focused on growth-stage software, internet and information services companies. The firm has invested over $3 billion in 75+ market-leading technology companies over the last 15 years and has portfolio companies across the US, Canada, Europe, and Israel. SGE is backed by a unique and patient source of capital, enabling the firm to give entrepreneurs and management teams freedom and flexibility to maximize growth. To learn more, please visit www.sgep.com.
About Insight Partners:
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2022, the firm has over $75B in regulatory assets under management. Insight Partners has invested in more than 750 companies worldwide and has seen over 55 portfolio companies achieve IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with right-sized, right-time practical, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
SOURCE Bestpass, Inc.