(Bloomberg) -- Fleet management startup Motive Technologies Inc., most recently valued at $2.85 billion, has hired a chief financial officer as the company targets an initial public offering next year.
The new CFO is Chirag Shah, who previously held the role at software company Kong Inc. and Cornerstone OnDemand Inc., Motive plans to announce Wednesday. The company aims to go public by the end of 2025 pending market conditions, according to a person familiar with the matter. The company declined to comment on its IPO timing.
In an interview with Bloomberg, Shah said that he was attracted to Motive’s technology for managing large fleets of vehicles and enhancing road safety. The company “has a product that actually saves lives everyday,” he said, adding that it was growing quickly.
Motive’s Chief Executive Officer Shoaib Makani said that Shah’s addition to the executive suite could help Motive reach profitability as it preps for IPO. “Eventually, we will be a public company,” Makani said.
Founded more than a decade ago as KeepTruckin, Motive’s backers include Kleiner Perkins, Insight Partners, IVP, Index Ventures and Scale Venture Partners. The company has raised more than $600 million to date, according to PitchBook data.
Ilya Fushman, a partner at Kleiner Perkins, said there’s a large market opportunity for technology that can manage corporate vehicles and trucking routes. Fushman also highlighted Motive’s artificial intelligence-powered dashboard cameras, calling the company’s tools “the best solution for safety” for corporate vehicles.
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