Motive has submitted paperwork for an initial public offering on the New York Stock Exchange, where it plans to trade under the ticker symbol MTVE, according to regulatory filings. The San Francisco-based company had previously filed confidentially and is now moving ahead with a public disclosure of its finances and business.
The filing places Motive among companies aiming to tap public markets as early as next year, at a time when IPO activity has begun to pick up after a slow period marked by volatility and uncertainty.
Motive reported rising revenue but continued losses. According to the filing, for the nine months ended Sep. 30, the company posted a net loss of $138.5 million on revenue of $327.3 million, compared with a loss of $113.9 million on $268.9 million in revenue a year earlier.
What Motive does
Founded in 2013 and originally known as Keep Truckin, Motive builds software and hardware that help companies manage trucks, drivers, and equipment. Its tools are used to track vehicles, improve safety, manage maintenance, and automate compliance and workforce tasks across industries such as logistics, construction, energy, and manufacturing.
The company says it had nearly 100,000 customers by the end of September, with most of its revenue coming from subscriptions. Motive also sells hardware, including AI-enabled dashboard cameras, and offers professional services.
One of its best-known products is its AI-powered dashboard camera system, which monitors driving behavior and safety. The company highlighted the system’s impact in its filings, noting that it “has prevented 170,000 accidents and saved 1,500 lives.”
Motive was launched by Ryan Johns, Obaid Khan, and Shoaib Makani before rebranding in 2022. Makani remains the company’s chief executive. The firm counts several major investors, including Alphabet’s GV, Kleiner Perkins, Index Ventures, Greenoaks, and Scale Venture Partners.
As of Sep. 30, Motive employed 4,508 people, including about 400 full-time data annotators who help improve its AI systems.
Legal challenges and competition
The IPO filing also highlights ongoing legal disputes with competitor Samsara. Motive is facing multiple patent-related claims from the fleet technology company, which went public in 2021. Motive says it is disputing the allegations and believes the claims lack merit.
The IPO is being led by J.P. Morgan, Citigroup, Barclays, and Jefferies.
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