We Put Everything Into Our Company and Here’s How We Got the Best Turnout Possible

Meet the Founders of ClearPathGPS

{Steve Wells:} As an entrepreneur, you’re stepping into one of the most emotionally vulnerable times of your entire career, and having that trusted advisor, having someone there who can actually be there with you, who’s been there and who’s done that, was just a godsend. I couldn’t imagine doing it without them.

{Chris & Steve:} Hi, I’m Chris Fowler, Co-Founder and former CEO of ClearPathGPS. I’m Steve Wells, Co-Founder and former CRO of ClearPathGPS. ClearPathGPS is a vehicle telematics platform that serves small to mid-sized fleets throughout the United States. The company was acquired by GPS Insight, which is an Accel-KKR portfolio company.

The Signs it Was Time to Go to Market

{Chris Fowler:} Coming into the summer of 2022, we saw two things that were happening. The first was that our customers and our prospects were really signaling to us that they would like more technology, a deeper solution from ClearPathGPS. And at the same time, on the business side, we were seeing a level of inbound interest in either partnering or investing or acquiring ClearPath really reach a level that we hadn’t seen before. So based on that, we decided it was time to explore our options and understand what a path forward might look like.

Eight Years of Informal Guidance

{Steve Wells:} We first got introduced to SEG probably about eight years before we actually ran a process.  

{Chris Fowler:} SEG really came in and took the time to know our business at another level of detail so they could really frame what they thought the competitive landscape might look like for us running a process. But also, they mirrored some of our core philosophies around really setting our expectations correctly and being very transparent with us about how long the process might take, the level of effort it was going to take from us and our management team, and then also, of course, the possible outcomes.

So we felt that not only did they bring this, you know, tremendous in-depth knowledge of the industry, they understood what transactions were happening that were adjacent to us, but also, of course, they brought that rolodex of contacts so that they could go out and bring to us opportunities that we wouldn’t have naturally been able to find any other way. 

Why These Founders Chose SEG

{Chris Fowler:} So we felt that not only did they bring this, you know, tremendous in-depth knowledge of the industry, they understood what transactions were happening that were adjacent to us, but also, of course, they brought that Rolodex of contacts so that they could go out and bring to us opportunities that we wouldn’t have naturally been able to find any other way. 

What Happened that “Blew Them Away”

{Steve Wells:} Chris and I were literally blown away at the level of effort, detail, and just acumen that they showed throughout this process. The attention to detail, knowing our numbers almost better than we did at some points, and ability to represent them back in consumable ways for the potential buyers and people looking at the business.

I’ve told people about this, other entrepreneurs who’ve, you know, been through this process before, and they said that they know they saw nothing like this from their M&A advisors.

{Chris Fowler:} The team at SEG was there for us, not just to help us analyze data and tell the story, but they were there to help us coach through and really understand and communicate some of our own aspirations that we hope that the business could take on in the long term and the future for our customers and for our employees as well. And so they became much more than just business consultants. They became personal coaches as well, and confidants, and in some ways, you know, in the in the thick of the moment, they became a good shoulder to lean on as well.

{Steve Wells:} So ultimately, our deal resulted in an acquisition by GPS Insight, which is an Accel-KKR portfolio company. That was literally the best turnout we could have hoped for.

Advice to Those Fielding Inbound Offers

{Steve Wells:} My advice to anybody else looking at going through a process is, number one, absolutely work with an M&A advisor. I think that trying to run this process yourself—or what happens with, I think, a lot of people is maybe they get an inbound offer, and they think they’re trying to negotiate that. They don’t realize what an absolute position of weakness they’re in in that case. So having SEG there to help build out that whole process, to actually coach us through it… having that wealth of history, that knowledge, that those relationships, really gave us a window into that that Chris and I never would have had if we tried to do this on her own.

{Chris Fowler:} Through that, you know, thankfully, I think we’ve made some lifelong friends. We enjoyed every minute.