Bestpass, provider of back-office automation software and toll management for commercial fleets, announced the close of a multi-million minority investment by software investor Insight Partners. Insight joins Susquehanna Growth Equity (SGE) as a major Bestpass investor.
Bestpass, founded in 2001, provides a toll management and payment platform for commercial vehicles across the U.S. and Canada. It covers 100% of major toll roads across the U.S., supports more than 30,000 customers, and processes over $1.5 billion in toll transactions annually.
“We couldn’t be more excited to have Insight Partners, a premier software growth investor, join us as we continue to grow and expand our service offerings,” said Tom Fogarty, CEO of Bestpass. “Our mission is to provide solutions for our customers that simplify back-office management, saving time and money and enabling fleets and drivers to focus on their core business. This investment is an endorsement of the Bestpass vision and allows us to continue to innovate, expand our reach, and delight our customers.”
“SGE has been impressed with Bestpass’ growth since our initial investment in 2018, and we look forward to working with Insight to support the company in this next phase,” said Ben Weinberg, managing director at SGE.
“Bestpass has a long history as a strategic and trusted partner in the commercial transportation industry, with solutions that increase productivity and save money for fleets of all sizes and simplify commercial toll management for tolling providers,” said Anika Agarwal, managing director at Insight Partners. “Despite significant growth in recent years, we believe Bestpass is just scratching the surface of its potential. We’re thrilled to partner with the company’s strong leadership team, and Susquehanna Growth Equity as they continue to scale and extend Bestpass’ position as a market leader.”
Agarwal and Adam Berger, managing director at Insight Partners, will both join the Bestpass board.
