Permira has entered into a definitive agreement to acquire a majority stake in Lytx. The transaction values the company, a provider of machine vision and AI powered video telematics, in excess of $2.5 billion.

Lytx’s target market, the video telematics industry, remains largely untapped, according to a press release from Permira. Only an estimated one million commercial vehicles are currently leveraging data derived from video telematics technologies — less than 1% of the 125.6 million commercial vehicles globally, according to research firm Frost and Sullivan.

“While Lytx has experienced rapid, double-digit growth in recent years, we’ve barely begun to scratch the surface of the addressable global market,” said Brandon Nixon, CEO of Lytx.

Among other applications, Lytx’s machine vision and artificial intelligence technologies are used to combat distracted driving by detecting behavior such as cellphone use and smoking with a high degree of accuracy.