Convergence Partners backs Ctrack's global expansion
Ctrack has completed the acquisition of Inseego’s international telematics business.
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Ctrack has completed the acquisition of Inseego’s international telematics business. Initially announced in September 2024, this acquisition enhances Ctrack’s presence in critical markets, including the United Kingdom, Belgium, France, Germany, the Netherlands, Australia, and New Zealand.
The acquisition is underpinned by South Africa-based Convergence Partners, a private equity investment manager that acquired Ctrack from Inseego in 2021.
Once a traditional fleet management company, Ctrack has transformed into a provider of advanced, data-driven solutions. The acquisition of Inseego’s telematics business accelerates this evolution, enabling Ctrack to leverage gig data and artificial intelligence (AI) to deliver actionable insights, optimise operations, and reduce risks for its customers.
Hein Jordt, CEO of Ctrack, commented on the acquisition: “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. Together, we are unlocking new opportunities in data intelligence, empowering businesses to leverage advanced analytics for greater efficiency and success.”
Andile Ngcaba, chairman of Convergence Partners, remarked: “We are proud to see Ctrack’s evolution into a global leader in automotive, big data, and AI-driven solutions. The seamless integration of Inseego’s telematics business has not only elevated Ctrack’s global position but also unlocked substantial growth opportunities. As we advance towards intelligent transportation powered by next-generation technologies like IMT 2030 and 6G, Ctrack is well-positioned to drive innovation and deliver outstanding value to customers and stakeholders. This milestone comes at a pivotal moment when telematics, automotive technology, AI, 5G, 6G, and low earth orbit satellites converge to redefine fleet management.”
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