Sanford, Florida, United States
Derive Systems is a Colorado-based automotive technology company that applies engine calibration software to two distinct markets: consumer car enthusiasts seeking performance gains and enterprise fleet operators targeting fuel efficiency and carbon reduction. Founded in 2013 by Global Environment Funds through the combination of SCT and Bully Dog, the company operates three brands across those two business units and reported approximately $40 million in revenue for 2020. The enterprise segment, built around the VQ platform, is the company's fastest-growing unit, expanding 43 to 44 percent year over year in the first half of 2021 while the enthusiast segment grew roughly 30 percent over the same period. Derive Systems was tracking toward approximately $55 million in full-year 2021 revenue, representing roughly 35 percent overall growth. The company counts Comcast and Verizon among its roughly 50 enterprise customers and had approximately 900,000 vehicles on its paid enterprise platform as of mid-2021. John Oechsle, who previously served as CEO of Swiftpage before its sale to SFW Capital in mid-2018, joined Derive Systems as CEO on March 16, 2020. Under his leadership the company refinanced its debt, bringing in Energy Impact Partners for a $20 million venture debt facility at under 5 percent interest, and shifted the enterprise business from one-time sales to a recurring SaaS subscription model priced between $14.99 and $29.99 per vehicle per month.
- Revenue
- $60.2M
- Customers
- 50
- Year founded
- 2013
- Funding
- -
- Team size
- 73
- Growth
- -
