Transaction Summary
Ctrack Holdings (Pty) Ltd (Ctrack), a telematics and fleet management company wholly owned by Convergence Partners Investments (Pty) Limited (Convergence Partners), has acquired Inseego Corp.’s (Inseego) international telematics business for $52 million in an all-cash transaction. Ctrack provides telematics and fleet management solutions, using advanced tracking and AI to optimise fleets, track assets, and improve safety across industries like logistics, transport, agriculture, and mining. In August 2021, Convergence Partners acquired Ctrack’s South African operations from Inseego for $36.6 million, the first investment by the Convergence Partners Digital Infrastructure Fund (CPDIF) as Inseego began to reposition itself as a pure-play 5G company. This recent transaction continues that trend, with Ctrack acquiring Inseego’s telematics businesses in Europe and Oceania, bolstering its position as a global leader in telematics and allowing Inseego to focus on its core 5G business.
Terms
- Seller: Inseego Corp.
- Buyer: Ctrack Holdings
- Fund Managers: Convergence Partners Investments (Pty) Limited
- Target:
