Motive’s IPO Tests Appetite for Logistics Software

Fleet telematics firm Motive Technologies files for a US IPO, targeting the NYSE as investor appetite for AI-powered fleet software grows

26 Dec 2025

Motive Technologies has filed for an initial public offering in the US, as investor interest grows in software platforms serving the trucking and logistics sector.

The San Francisco-based company said in a December 23 filing with the US Securities and Exchange Commission that it plans to list on the New York Stock Exchange under the ticker MTVE. The move positions Motive among the first sizeable technology listings of 2026.

Motive, formerly known as KeepTruckin, reported annual recurring revenue of $501mn as of September 30, 2025, up 28 per cent from a year earlier. Revenue for the first nine months of the year reached $327mn, with quarterly growth of about 23 per cent. Net losses widened over the same period, reflecting continued spending on product development and expansion.

Proceeds from the offering are expected to be used for working capital, research and development, and potential acquisitions.

The company provides a platform that combines driver safety tools, fleet tracking, compliance systems and spend management. It serves nearly 100,000 customers across sectors including trucking, construction, energy and manufacturing.

Motive said customers using its AI-enabled dashcams saw accident-related costs fall by 63 per cent among top performers, alongside insurance savings of about 25 per cent. Larger clients, defined as those contributing more than $100,000 in annual recurring revenue, grew by 58 per cent year on year.

The offering is being led by JPMorgan, Citigroup, Barclays and Jefferies. Backers include GV, Alphabet’s venture arm, and Kleiner Perkins.

The listing comes as the global fleet management market is forecast to expand from about $32bn in 2026 to more than $76bn by 2035, with North America accounting for roughly a third of demand. Publicly listed rival Samsara, with around $1.46bn in recurring revenue, is likely to serve as a benchmark for valuation.

The filing highlights a broader shift in the US logistics industry, where software platforms are increasingly seen as core infrastructure for managing costs, safety and regulatory requirements.