FleetMatics, a Boston-based provider of GPS tracking applications for commercial fleets, this morning announced that it has closed a massive $68 million growth equity financing round.

Late-stage investor Institutional Venture Partners invested in conjunction with Investcorp Technology Partners, FleetMatics’ majority owner. New World Ventures also participated as a new investor.

IVP’s General Partner Sandy Miller has joined the FleetMatics board of directors.

FleetMatics provides GPS vehicle tracking applications around the world – the company says over 12,500 businesses currently use its on-demand vehicle management solutions.

Founded in 2004, FleetMatics has offices in the US, UK and Ireland.

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