PTOLEMUS advised Kamet Ventures on the sale of Brightmile to Smith System

PTOLEMUS, as a mobility & transportation M&A specialist, helped Kamet Ventures, the leading venture studio active in insurtech and healthtech, sell Driving Risk Management provider Brightmile to US-based Smith System.

PTOLEMUS acted as the exclusive financial advisor to Brightmile and its shareholders on the sale or additional fund raising of the business.

Brightmile is one of the world’s leading providers of smartphone-based Driving Risk Management (DRM) solutions for fleets. The company’s strength lies in its ability to help fleet operators reduce driving risks for the long term, thereby bringing lower numbers of fatalities and injuries, decreased operating and insurance costs and improved productivity to fleets. Its solution does not only measure driving risks but helps drivers, their managers, fleet managers and Health & Safety (H&S) executives obtain lasting improvements.

Together with Brightmile’s management and Kamet Ventures, PTOLEMUS created all key investment documents for the shareholders incl. the Information Memorandum, teaser profile and global DRM market forecasts.

PTOLEMUS then leveraged its extensive network of relationships in the fleet-focused investment community to reach out to over 170 trade and financial firms globally.

Within 4 months of the mandate, PTOLEMUS received more than 15 expressions of interest and managed to obtain the winning offer from Smith System and its private equity owner, New-York-based MidOcean Partners.

Brightmile was successfully sold in January 2025 to Smith System, the US leader in fleet driver training and coaching solutions. Founded in 1952 and headquartered in Arlington, Texas, Smith has trained millions of drivers in over 100 countries and 15 languages. Brightmile will be a key part of Smith Systems’ strategy towards the integration of digital and predictive analytics-based systems in its DRM solution. This is Smith’ third acquisition after Driving Dynamics and Driver’s Alert.

This is the third transaction for PTOLEMUS in the domain of fleet Driving Risk Management. In particular, for CIP Capital, the New-York-based PE firm, it conducted the commercial due diligence of its portfolio company eDriving, which was successfully sold to Solera, Inc. for a purchase consideration of $233 million.