CTRACK ACQUIRED BY CONVERGENCE PARTNERS
Ctrack is a global leader in vehicle tracking, fleet management, and insurance telematics solutions and is in the business of keeping vehicles, fleets, and their occupants always visible. Ctrack boasts a 30-year track record, with continuous investment in research and development as part of their commitment to making sure customers’ vehicles and fleets are always visible.
Ctrack South Africa will break away from Inseego following a purchase by investment management firm Convergence Partners. Convergence Partners will purchase the shares of the current South African entities.
Inseego took the decision to divest Ctrack following a new demand on technology and Inseego’s 5G business, accelerated by the recent global pandemic, and a strategy to focus on target markets that are closely aligned with the growth of their 5G business.
“We believe that this new partnership will bring a wealth of business knowledge and envisage many opportunities and positive synergies to benefit our business in general.”
“Our continued growth and success are what has enabled us to show favourable results, a motivator for Convergence Partners to invest during these times, ” said Hein Jordt, Managing Director of Ctrack SA.
The business will continue in its current form and retain the Ctrack brand name, which has a rich history spanning 30 years. Ctrack will continue to use their powerful brand and related product names in the markets they serve and will focus on expansion into new territories in Africa and the Middle East while continuing to develop world-class technologies for their customers.
“Our interest in the business relates to its proven market leadership in the development of analytics solutions using big data extracted from the cloud platform said Mr. Andile Ngcaba, chairman of Convergence Partners.
“We thus believe that our ownership of Ctrack will serve as a catalyst to enhance and accelerate its digital ambitions further,” Ngcaba concluded.
“Ctrack’s IoT and data analytics capabilities are a key component of an emerging sector in Africa and a good fit with our strategy of identifying high growth market players that build digital infrastructure in the Continent. We believe our expertise can elevate the Ctrack business to new heights,” said Brandon Doyle, CEO of Convergence Partners.
“The management of Ctrack are confident that this new partnership will open up a gateway of opportunities for the business and believe that the company is better positioned to move forward and capture market opportunities,” concluded Jordt.