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Maptuit Announces Additional Funding to Accelerate Market Growth
Burlington, MA (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 (www.maptuit.com) provides a sophisticated transportation optimization solution to over 40,000 heavy trucks in the United States and Canada. The FleetNav Suite includes; FleetNav Directions, a least-cost routing tool; FleetNav Fuel, a real-time fuel pricing module and FleetNav Alert, a powerful monitoring and reporting tool. Built around the industry's most sophisticated model of the North American road network, Maptuit supplies the infrastructure needed to find addresses, calculate efficient truck-friendly routes, and determines the optimal way to assign and deploy resources. With two data centers based in Denver, Colorado and Toronto, Canada, Maptuit conducts over 120 million transactions yearly with an uptime of greater than 99.9%.
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