Volvo Group Venture Capital, a subsidiary to the Volvo Group, today
announced that Volvo has made a strategic investment in DriveCam. The
two companies have joined forces with the objective of delivering
innovative safety-centric solutions to the global commercial vehicle
DriveCam, Inc. is a global driver risk management company located in San
Diego, California. Through the investment Volvo Group becomes a minority
shareholder in the company.
"Volvo Group and DriveCam have a common vision - to reduce traffic
accidents worldwide," says Johan Carlsson, President of Volvo Group
Venture Capital. "Complementary to our leading position in the global
truck manufacturing market, Volvo Group is also focused on the human
element in reducing accidents, an area where DriveCam is a clear leader.
This strategic investment enables the commercial vehicle industry to
benefit from our collaborative development efforts, while it also
supports the Volvo Group’s vision to become the world leader in
sustainable transport solutions.”
"Volvo Group and DriveCam both believe that there is only one acceptable
number of accidents in driving – zero,” said DriveCam Chairman and CEO
Brandon Nixon. "And since the human element plays a role in nine out of
ten accidents, the driver risk management solutions that DriveCam has
pioneered are essential to both companies reaching our common goal of
zero accidents on the road.”
For several decades, Volvo Group has studied and analyzed a large number
of accidents involving trucks. This information has been, and still is
one of the most important bases for the design and development of Volvo
Group’s trucks. These investigations have resulted in numerous safety
related improvements already in place in today’s trucks.
DriveCam prevents collisions and reduces fuel costs by improving the way
people drive. DriveCam’s solution addresses the causes of poor driving
by combining data and video analytics with real-time driver feedback and
Volvo Group Venture Capital is part of the Volvo Group. With the
objective of accelerating new business growth, Volvo Group Venture
Capital invests in companies driving service orientation and product
differentiation in the transport industry.
The transaction has no significant impact on the Volvo Group’s earnings
or financial position.
February 13, 2013
Reporters who want more information, please contact Johan Carlsson,
President Volvo Group Venture Capital +46 31 3229013
For more stories from the Volvo Group, please visit http://www.volvogroup.com/globalnews.
The Volvo Group is one of the world’s leading manufacturers of trucks,
buses, construction equipment and marine and industrial engines. The
Group also provides complete solutions for financing and service. The
Volvo Group, which employs about 115,000 people, has production
facilities in 19 countries and sells its products in more than 190
markets. In 2012 the Volvo Group’s sales amounted to about SEK 304
billion. The Volvo Group is a publicly-held company headquartered in
Göteborg, Sweden. Volvo shares are listed on OMX Nordic Exchange
Stockholm. For more information, please visit www.volvogroup.com
if you are using your mobile phone.
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