French IT management scale-up Fleet has secured its first-ever external investment, achieving a $118 Million valuation with backing from growth investor ISAI Expansion. This milestone follows seven years of remarkable growth achieved entirely through bootstrapping, without any venture capital funding. The company provides a comprehensive IT operations platform designed to simplify hardware, software, and security management for small and medium-sized enterprises globally.
A New Chapter for a Bootstrapped Success Story
The transaction is structured as a primary leveraged buyout, providing liquidity for founders Sevan Marian and Alexandre Berriche, as well as for employees holding stock options. This strategic move allows early stakeholders to realize value from their contributions while ensuring the company remains majority-independent. The deal underscores a new cycle of development for Fleet, signaling a transition toward structured growth equity rather than a traditional exit.
Having operated without external funding since its 2019 inception, Fleet has demonstrated a uniquely sustainable and profitable business model. The company successfully scaled to over $35 million in annual revenue, with nearly two-thirds generated internationally. This financial discipline allowed it to build a robust operational foundation and achieve significant product-market fit before seeking an investment partner.
From Leasing Service to Global IT Platform
Fleet began its journey by offering a simple leasing service that helped SMEs manage their IT investments without large upfront capital expenditures. Over time, it evolved into a comprehensive, all-in-one platform catering to businesses with 5 to 500 employees. Its integrated offering now rests on three core pillars: IT procurement, daily fleet management, and robust cybersecurity solutions.
A key differentiator for Fleet is its powerful international capability, which removes operational friction for companies with distributed teams. The platform facilitates equipment deliveries to over 120 countries, often within 48 hours, simplifying the onboarding of remote and cross-border employees. This global reach has become a major driver of the company's growth and customer loyalty.
The Strategy Behind Profitable International Growth
The company's impressive trajectory includes over 90 percent year-on-year growth while consistently maintaining profitability, a rare feat in the tech industry. Co-founder and CEO Sevan Marian attributes this success to disciplined execution and a well-defined playbook for international expansion. This methodical approach has enabled the company to replicate its success across new markets in Europe and the United States efficiently.
According to Marian, Fleet occupies a unique position with no direct competitors offering a comparable full-stack solution across so many geographies. The platform combines leasing, financing, purchasing, and cybersecurity into a single, seamless service. This integrated model has resulted in strong customer retention, with clients frequently adding more equipment and licenses as they scale.
Future Ambitions and Strategic Partnership
With this new investment, Fleet is targeting an ambitious goal of reaching $118 Million in annual revenue within the next four years. The company plans to accelerate its international expansion, enhance its product offerings with more value-added services, and grow its team with over twenty new hires planned this year. This roadmap is designed to solidify its position as a leader in global IT operations for SMEs.
The choice of ISAI Expansion as a partner was strategic, given the investor's focus on profitable, high-growth technology companies. ISAI was convinced by Fleet’s proven commercial efficiency, lean organization, and strong international growth trajectory. This alignment of vision and culture ensures that Fleet can pursue its ambitious goals while retaining its entrepreneurial DNA.
Fleet's partnership with ISAI Expansion marks a pivotal moment, validating its disciplined, self-funded growth strategy and fueling its next chapter of global ambition. The $118 Million valuation not only provides liquidity to its team but also equips the company to scale its unique IT platform internationally. This strategic investment positions Fleet to continue its profitable expansion while preserving its independent, entrepreneurial spirit.