Private equity firm GTCR has agreed to buy venture capital-backed Lytx for about $500 million in cash. Lytx sells subscription-based services aimed at helping fleet operators improve the behavior and safety of their drivers.

"Lytx provides us with an opportunity to participate in one of the fastest growing sub-sectors within the telematics space, video safety," says GTCR managing director Phil Canfield. Lytx is best known for its DriveCam brand, which combines the video capture of driving events, with personalized data-backed coaching insights, fleet tracking and fuel management to improve driver behaviors, enhance safety and reduce operational expenses.

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