May 30, 2014
May 1, 2014
April 17, 2014
Steve Young, AutoAlert's Chairman of the Board, delivered a powerful and inspirational speech to the entire AutoAlert Team today.
This is a Game Changer!!
April 1, 2014
HGGC Completes Growth Equity Investment in AutoAlert, Leading Provider of Data Mining
& Portfolio Management Technology to Retail Automotive Dealers
HGGC, a leading middle market private equity firm, today announced that it has completed a growth equity investment in AutoAlert, the leading provider of cloud-based data mining analytics and dealer portfolio management solutions to automotive retail dealerships throughout North America. As part of the transaction, AutoAlert founders Boyd Warner, CEO, and Jeff Cotton, COO, will reinvest a substantial portion of their proceeds and retain a significant minority stake in the business. Terms of the private transaction were not disclosed.
Headquartered in Irvine, California, AutoAlert pioneered the category in 2002 with its SaaS technology platform, and has built the largest network of customers in the segment by consistently delivering compelling ROI. The Company's solutions generate high value leads from dealerships’ existing customer base, enabling AutoAlert customers to sell over 305,000 vehicles that totaled over $687 million in gross revenue in 2013. AutoAlert has recorded greater than 70 percent CAGR in net revenue from 2009 to 2013.
"For entrepreneurs like Jeff and me, the decision to accept institutional capital for the first time was not made lightly, and it was a step we would only take if we were sure that we had the right partner," said Warner. "After meeting Steve Young and the HGGC team, it was clear that they not only believed in our vision for the company, but they also believed in the way we had grown the business and wanted to support us going forward."
"In partnering with HGGC, AutoAlert gets so much more than financial resources," added Cotton. "We get a team of professionals who truly understand our business, the enormous potential ahead of us, and the right strategy to achieve that success."
"Boyd and Jeff have not just created a new product category, they have also demonstrated the ability to take this idea to market on a scale that is unprecedented for many solutions in this industry," said Steve Young, Managing Partner and Co-founder of HGGC, who will become Chairman of the Board of AutoAlert. "We could not be more excited to start this next chapter with Boyd, Jeff and the AutoAlert team, as they just begin to demonstrate the power and value that 'big data' can bring to the automotive vertical.”
“We are impressed with AutoAlert's market-leading solution and comprehensive support services, and the compelling value proposition the Company offers,” said Hodgman. “We share Boyd and Jeff's vision for the future of the Company and are dedicated to supporting continued development and delivery of best-in-class solutions to drive AutoAlert customers’ success.”