Navman named to Inc. fast-growing company list
Glenview-based Navman Wireless, a provider of GPS-based fleet optimization tools and services for corporate and construction fleets, last week was named to the 2012 Inc. Magazine 500/5000 list of the fastest-growing privately held U.S. companies.
The company's technology is used by fleet managers around the globe to monitor vehicle and equipment location in real time, communicate with drivers and equipment operators from the central office or the road, and generate detailed analytics that can help optimize operations, including reducing fuel, labor and vehicle operating costs.
Navman Wireless earned a slot on the Inc. 500/5000 list in its first year of eligibility since spinning off from a parent company in late 2007. Rankings are based on percentage revenue growth from 2008 to 2011 and limited to companies that were founded and generating revenue by March 31, 2008. Qualifying companies must also be U.S.-based, privately held, for profit, and independent — not subsidiaries or divisions of other companies — as of December 31, 2011.
Navman Wireless is now one of the top five fleet management technology providers in the world. Today the firm's OnlineAVL2 fleet tracking platform tracks more than 160,000 vehicles in 13 countries, with new vehicles added on a regular basis. The technology is helping participating companies save over 33 million gallons of fuel annually through the ability to improve routing and identify sources of fuel waste such as idling and unauthorized vehicle use. Other benefits range from increased productivity achieved through 24/7 visibility of fleet location to optimized preventive maintenance schedules made possible by electronic monitoring of mileage and engine hours.
"Our growth reflects strong customer demand for solutions that help corporate and construction fleets reduce costs and increase profitability, as well as the advanced technology that we have developed to meet those needs," said TJ Chung, President and CEO. "We have doubled our install base since 2008, generated record sales and profits for the past three years, and have every reason to believe that we will maintain this growth pattern as fleet managers continue their search for operating efficiencies and cost savings."
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