Volvo Group Invests in DriveCam, Inc.
Two companies join forces with the objective of delivering innovative
safety-centric solutions to the global commercial vehicle industry
SAN DIEGO & GÖTEBORG, Sweden -- February 13, 2013
DriveCam, Inc. today announced that Volvo Group Venture Capital, a subsidiary
to the Volvo Group, has made a strategic investment in DriveCam, a global
driver risk management company. Through the investment, Volvo Group becomes a
minority shareholder in the company.
“Volvo Group and DriveCam have a common vision - to reduce traffic accidents
worldwide,” says Johan Carlsson, President of Volvo Group Venture Capital.
“Complementary to our leading position in the global truck manufacturing
market, Volvo Group is also focused on the human element in reducing
accidents, an area where DriveCam is a clear leader. This strategic investment
enables the commercial vehicle industry to benefit from our collaborative
development efforts, while it also supports the Volvo Group’s vision to become
the world leader in sustainable transport solutions.”
“Volvo Group and DriveCam both believe that there is only one acceptable
number of accidents in driving – zero,” said DriveCam Chairman and CEO Brandon
Nixon. “And since the human element plays a role in nine out of 10 accidents,
the driver risk management solutions that DriveCam has pioneered are essential
to both companies reaching our common goal of zero accidents on the road.”
For several decades, Volvo Group has studied and analyzed a large number of
accidents involving trucks. This information has been, and still is, one of
the most important bases for the design and development of Volvo Group’s
trucks. These investigations have resulted in numerous safety related
improvements already in place in today’s trucks.
DriveCam prevents collisions and reduces fuel costs by improving the way
people drive. DriveCam’s solution addresses the causes of poor driving by
combining data and video analytics with real-time driver feedback and
Volvo Group Venture Capital is part of the Volvo Group. With the objective of
accelerating new business growth, Volvo Group Venture Capital invests in
companies driving service orientation and product differentiation in the
Volvo Group has agreed with DriveCam not to disclose the details of the
transaction. The transaction has no significant impact on the Volvo Group’s
earnings or financial position.
About The Volvo Group
The Volvo Group is one of the world’s leading manufacturers of trucks, buses,
construction equipment and marine and industrial engines. The Group also
provides complete solutions for financing and service. The Volvo Group, which
employs about 115,000 people, has production facilities in 19 countries and
sells its products in more than 190 markets. In 2012 the Volvo Group’s sales
amounted to about SEK 304 billion. The Volvo Group is a publicly-held company
headquartered in Göteborg, Sweden. Volvo shares are listed on OMX Nordic
Exchange Stockholm. For more information, please visit www.volvogroup.com or
if you are using your mobile phone.
About DriveCam, Inc.
As proven experts in the science of safe and efficient driving, DriveCam
prevents collisions and reduces fuel costs by improving the way people drive.
The DriveCam solution addresses the causes of poor driving by combining data
and video analytics with real-time driver feedback and coaching, resulting in
reductions in collision-related costs and fuel consumption in over 500
commercial fleets, while protecting more than 400,000 drivers. For more
information, visit www.drivecam.com.
Eric Cohen, 858-380-3161
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