Pretoria-based telematics company Ctrack has acquired Inseego's international telematics business in a $52-million deal.
The move will expand CTrack’s presence across the UK, Belgium, France, Germany, the Netherlands, Australia and New Zealand.
Ctrack is part of Andile Ngcaba’s Convergence Partners group.
Ctrack believes the acquisition will accelerate its transformation from a traditional fleet management company to a data-driven solutions provider.
Leveraging its new platform, which combines AI, big data and telematics, Ctrack aims to “deliver actionable insights and optimise operations” across the logistics, transport, agriculture, mining and construction sectors.
Convergence Partners, as a private equity investment manager, acquired Ctrack from Inseego in 2021.
“This acquisition marks a defining milestone in Ctrack’s journey. It not only expands our presence in international markets, but also strengthens our capabilities as a leader in predictive solutions,” says Ctrack CEO Hein Jordt.
“Together, we are unlocking new opportunities in data intelligence, empowering businesses to leverage advanced analytics for greater efficiency and success.”
“This milestone comes at a pivotal moment when telematics, automotive technology, AI, 5G, 6G, and low-Earth-orbit satellites converge to redefine fleet management,” adds Ngcaba.
Edited by: Creamer Media Reporter
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