Motive Technologies, which develops and provides fleet management software and equipment, withdrew its plans for an initial public offering on Thursday. It originally filed in December 2025 for a deal we estimated could raise $600 million. The company had not updated its prospectus since then.
The company announced that it secured more than $1.3 billion in growth financing from General Catalyst, while leaving the door open to a potential future listing, stating "given this financing, Motive has withdrawn its previously filed S-1 registration statement and remains well positioned to pursue a public listing in the future."
Motive Technologies provides an AI-powered Integrated Operations Platform that unifies Driver Safety, Fleet Management, Equipment Monitoring, Spend Management, Workforce Management, and AI Vision to manage workers, vehicles, equipment, and spend in one system, underpinned by a Physical Operations Graph fed by data from more than 1 million vehicles and assets.
The San Francisco, CA-based company was founded in 2013 and booked $429 million in revenue for the 12 months ended September 30, 2025. It had planned to list on the NYSE under the symbol MTVE. J.P. Morgan, Citi, Barclays, Jefferies, RBC Capital Markets, Citizens JMP, KeyBanc Capital Markets, Societe Generale, and Nomura Securities were set to be the joint bookrunners on the deal.
