On September 28, 2023, Cardata, renowned for its tax-compliant mileage reimbursement software, recently announced a significant growth investment spearheaded by Wavecrest Growth Partners, with MassMutual Ventures also participating. Since its inception in 1999, Cardata has been offering a variety of reimbursement software, compliance programs, and business intelligence tools, catering to businesses whose employees use personal vehicles for work purposes.

Under the guidance of CEO Sheret Ross and President Michael Levine, Cardata has experienced substantial growth, tripling its annual recurring revenue and achieving over 200% growth in aggregate over the last three years. The company is poised for another record-breaking revenue year. The fresh investment aims to boost Cardata's market reach and innovation in both existing and new products, supporting its rapidly expanding customer base.

CEO Sheret Ross highlighted the company's focus on enhancing vehicle programs for efficiency, aiming to further expand market coverage and innovate product offerings. President Michael Levine emphasized the investment as a crucial milestone for Cardata, stressing its impact on growth and talent retention.

Vaibhav Nalwaya of Wavecrest commended Cardata's impressive growth and team, supporting their vision for expanding the vehicle management platform. Eric Emmons of MassMutual Ventures praised Cardata's value delivery and vision for an integrated platform.

Raymond James & Associates acted as Cardata's exclusive financial advisor for the transaction. Legal guidance was provided by Stikeman Elliott for Cardata, with Goodwin Procter and Cassels advising the new investors.