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MVTRAC secures financial resources from Bison Capital

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  • MVTRAC secures financial resources from Bison Capital

    http://www.autoremarketing.com/subpr...-bison-capital

    PALATINE, Ill. - License plate recognition (LPR) software and data solutions provider MVTRAC on Tuesday announced the closing of growth recapitalization of the company with Bison Capital Asset Management along with changes to its top leadership structure.

    MVTRAC shared Bison Capital’s investment will allow MVTRAC to accelerate its growth by expanding its sales and client service resources to enhance its technology suite and pursue acquisitions. With the investment, MVTRAC founder Scott Jackson will remain on as chairman of the board. The current MVTRAC president Luke Smith will be named the company’s senior executive officer.

    MVTRAC has established a national network of agents utilizing MVTRAC’s solutions along with one of the largest LPR databases and analytics labs serving the auto financing market. By focusing on providing high-quality customer service, training and support for its innovative LPR solutions, MVTRAC can enable its customers to demonstrably improve their recovery rates, reduce days-to-recovery and increase their profitability.

    Additionally, MVTRAC’s integrated business process management software can help its customers improve compliance with regulatory and client requirements by automating verification and documentation, and minimizing human contact in the auto location and recovery process. These advantages have allowed MVTRAC to maintain its impressive customer satisfaction and retention rates, as well as continue to scale its national network of agents and LPR database.


    As a result, MVTRAC is uniquely positioned to service the portfolio requirements of the largest financial institutions in auto financing. Bison Capital’s growth investment will be used to help add new auto financing companies, expand its national network of asset recovery agencies and strengthen its portfolio of LPR technology and software solutions.
    “Our management team is excited for the opportunity to partner with a supportive, forward-thinking investment firm of Bison’s caliber,” Smith said. “A common vision for the strategic direction and vast potential of MVTRAC was the primary driver behind our partnership, and we are confident that this alignment will significantly augment MVTRAC’s mission to provide our customers with high-utility, innovative LPR data and technology solutions across a multitude of platforms.”


    Bison Capital partner Andreas Hildebrand added, “We are excited to be partnering with MVTRAC and its outstanding management team as they continue to enhance their innovative line of LPR products and services and expand their market presence.


    “MVTRAC has established tremendous momentum in the LPR space and we look forward to helping it realize its full potential in this unique market,” Hildebrand added.


    Jackson shared a similar positive outlook regarding the future of the organization that he founded.


    “After 27 years of building the business to its current position as an industry leader with a rapid growth trajectory, it is time for me to begin enjoying life as a recovering workaholic,” Jackson said. “I have absolute confidence in Luke and the management team to expand on my vision for MVTRAC’s growth and consequently, it is our valued clients and agents that will benefit the most as MVTRAC continues to push the limits of LPR capabilities.


    “While I will be stepping away from the daily operations of MVTRAC, the recapitalization will enable me to focus on M&A opportunities and expanding our dynamic intellectual property portfolio,” Jackson continued. “The opportunity to leverage Bison’s capital and resources to further accelerate MVTRAC’s growth is genuinely exciting.”
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