Navman Wireless has been named on Forbes' just-released list of America’s Most Promising Companies.
Navman Wireless originates from Navman, the company founded by Kiwi Peter Maire in 1986. It is one of the world’s largest providers of GPS fleet optimisation products and services, with systems installed in more than 130,000 vehicles on five continents.
The Forbes list features 100 privately held up-and-comers with compelling business models, strong management teams, notable customers, strategic partners and precious investment capital.
Navman Wireless earned the 65th slot in the Forbes ranking with revenue of $67.9 million (the fifth-highest on the list) and 263 employees (the seventh largest) for the fiscal year 2010.
In early November, the company won a Chicago Innovation Award for developing the industry’s first combined on- and off-road vehicle tracking platform.
Its products are primarily developed at its innovation centre in Auckland, where around 70 software and hardware engineers form the core of its research and development team.
The main Navman Wireless base is in Illinois, with facilities in Mexico, the UK, Italy, Ireland, Taiwan, Singapore, China and Australia.
“Fleet tracking is a relatively new concept outside of the transport industry, but it’s an invaluable tool for minimising fleet costs and maximising productivity and profits,” said Ian Daniel, Navman Wireless’s vice-president Asia-Pacific.
“Our inclusion on Forbes’ America’s Most Promising Companies list shows the growing understanding of the value of our technology, our market expansion, and the financial and management strengths that are fueling our growth.
“Ever since the company was formed, through a buyout by senior management in 2007, our clear focus has been on taking full advantage of the strength and experience of the R&D team to drive growth in international markets.”
Navman was sold to Brunswick in 2004, then split into three parts – a marine GPS business, consumer in-car navigation business, and commercial fleet-tracking division.
Navman Wireless was bought out four years ago with $35 million backing from Chicago private equity firm Prairie Capital.