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AutoVitals Gets Private Equity Investment

Goleta-based AutoVitals, which develops software-as-a-service (SaaS) products for the automotive repair and maintenance software business, has raised a round of private equity, the company recently announced, from private equity investor Tritium Partners. According to AutoVitals, the strategic growth investment will go to expand and enhance its offerings. As part of the investment, the company said it named a new CEO, Jon Belmonte, to lead the company. Belmonte is a veteran of Southern California's high tech industry, having previously been CEO and COO At Active Network (ACTV). AutoVitals said that Belmonte helped to grow Active Network's revenue to over $400 million and guided the company to its eventual sale for $1 billion. Belmonte will work alongside the founder of AutoVitals, Uwe Kleinschmidt, on the business, according to the company. Financial details of the private equity deal were not announced. More information »