Consistent quarter-over-quarter growth leads investors to pledge further funds
Burlington, Mass. December 16, 2003
Maptuit Corporation, the supplier of the industry leading FleetNav transportation optimization solutions and RealTraffic personalized traffic alerting service, today announced that it had raised an additional $1M in funding. This funding supports Maptuit's accelerating growth through key investments in sales and marketing. Building on 200% quarter over quarter revenue growth, the company continues to enhance its leadership market position.
"We're extremely proud of our performance over the last year." said Jeff Papows, President and CEO, Maptuit Corporation. "The transportation industry has weathered a long period of financial hardship and uncertainty. We've increased our customers' competitive position by providing solutions that reduce their operational expenses while improving driver safety and satisfaction. We appreciate the continued commitment from our investment syndicate and have earmarked these funds to increase our direct sales force, grow our marketing initiatives, and support our strategic channel partner relationships that include Aether, Qualcomm, and Westwood One. "
"Maptuit has made impressive achievements in the past year and we are pleased to see them emerge as the market leader." said Joseph Allegra, Partner, Edison Venture. "Their focus on creating the most sophisticated transportation optimization solution, delivered with unparalleled customer support has resulted in significant customer and market gains."
Edison Venture, Flagship Ventures, and DFJ NJ participated in this additional investment.
About Maptuit Corporation
Founded in 1999, Maptuit Corporation provides trucking, tracking and traffic services for the transportation and consumer markets. With Maptuit's advanced web services and patented technology, companies benefit from the ability to easily look up addresses, create maps, perform proximity searches, generate optimized routes and provide directions. For more information please visit www.maptuit.com.
Media contact: Noreen Vincent, Maptuit Corporation, 781.685.4693
(Noreen.Vincent@maptuit.com)
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