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Permira has entered into a definitive agreement to acquire a majority stake in Lytx. The transaction values the company, a provider of machine vision and AI powered video telematics, in excess of $2.5 billion.
Lytx’s target market, the video telematics industry, remains largely untapped, according to a press release from Permira. Only an estimated one million commercial vehicles are currently leveraging data derived from video telematics technologies — less than 1% of the 125.6 million commercial vehicles globally, according to research firm Frost and Sullivan.
“While Lytx has experienced rapid, double-digit growth in recent years, we’ve barely begun to scratch the surface of the addressable global…READ MORE