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Based in Dublin, FleetMatics Group plc (NYSE:FLTX) scheduled a $125 million IPO with a market capitalization of $557 million at a price range mid-point of $16 for Friday, October 5, 2012.

Eight IPOs are scheduled for the week of October 1. Full IPO calendar available here.

F-1A filed September 24, 2012.

Manager, Joint Managers: BofA; Barclays
Co Managers: RBC; Stifel Nicolaus Weisel; William Blair

SUMMARY
FLTX is a leading global provider of fleet management solutions delivered as software-as-a-service, or SaaS.

FLTX's solutions provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage and other insights into their mobile workforce, enabling them to reduce operating and capital costs, as well as increase revenue.

The market is fragmented and many competitors rely on a non-Software-as-a-Service business model.

CONCLUSION
IPOdesktop believes FLTX will increase from its IPO price because it is a SaaS leader in a fragmented, growing market. On a quarterly basis, FLTX is marginally profitable based on subscriptions. Many subscription-based SaaS companies historically are not at breakeven on their IPO.

Valuation Ratios

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

annualizing June 2012 qtr

Cap (NYSE:MM)

Sales

Earnings

BookValue

TangibleBV

in IPO

FleetMatics Group plc (FLTX)

$557

4.5

-99

5.1

7.4

22%

Glossary of IPO Analysis terms

BUSINESS
FLTX is a leading global provider of fleet management solutions delivered as software-as-a-service, or SaaS.

As of June 30, 2012, FLTX had more than 16,000 customers which collectively deployed solutions in over 281,000 vehicles worldwide.

FLTX's mobile software platform enables businesses to meet the challenges associated with managing their local fleets of commercial vehicles and improve productivity by extracting actionable business intelligence from vehicle and driver behavioral data.

The substantial majority of customers are small and medium-sized businesses, or SMBs, each of which deploy FLTX's solutions in 1,000 or fewer vehicles.

Benefits
FLTX's solutions provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage and other insights into their mobile workforce, enabling them to reduce operating and capital costs, as well as increase revenue.

During the six months ended June 30, 2012, FLTX collected an average of approximately 30 million data points per day from these vehicles. FM has aggregated over 28 billion data points since inception, which FLTX believes provides valuable information for the development of complementary solutions and additional sources of revenue.

SOLUTIONS INCLUDE IN-VEHICLE DEVICE
FLTX derives substantially all revenues from subscription agreements, which include the use of FLTX's SaaS fleet management solution and an in-vehicle device.

LITIGATION RISK
On April 20, 2011, FLTX was sued by PJC Logistics, LLC in a patent-infringement case (PJC Logistics, LLC v. Fleet Management Solutions, Inc. et al, Civil Action No. 03:11-cv-815) (United States District Court for the Northern District of Texas).

The complaint alleges that the company infringed U.S. Patent No. 5,223,844 entitled "Vehicle Tracking and Security System." PJC Logistics, LLC is seeking damages rather than an injunction.

FLTX believes that a loss in this claim is reasonably possible, but is unable to estimate a range of loss and is continuing to investigate the claim.

FLTX does not believe that this litigation will have a material adverse effect on the business, financial condition, or operating results.

COMPETITION
FLTX competes with point-to-point solution providers as well as other companies with service offerings designed to address similar needs as FLTX solutions.

The market for fleet management solutions is highly fragmented.

FLTX believes that many competitors rely on up-front hardware sales to finance their operations. Their business models are a significant investment hurdle for SMB (small to medium business) customers. Additionally, many of these competitive offerings are difficult to deploy and use and lack other features required by SMB customers.

EMPLOYEES
As of June 30, 2012, FLTX had 446 full-time employees.

USE OF PROCEEDS
FLTX expects to net $88.5 million from selling 6.25 million shares. Shareholders intend to sell 1.56 million shares.

Proceeds are allocated to working capital and other general corporate purposes.

Source: IPO Preview: FleetMatics Group Plc