Specialist ICT investment firm Convergence Partners has acquired Ctrack’s operations in Africa and the Middle East from Nasdaq-listed Inseego.
The investment whose value has not been disclosed, is the maiden investment for Convergence Partners’ third fund, the Convergence Partners Digital Infrastructure Fund (CPDIF).
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The deal, which must still be approved by the Competition Commission in South Africa, gives Convergence Partners access to a telematics software-as-a-service digital infrastructure platform providing fleet management, insurance, and weather telematic solutions and asset tracking solutions.
“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”
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Andile Ngcaba, Founder, Convergence Partners
“The business’s Internet of things (IoT) and data analytics capabilities are key components of an emerging sector in Africa and are good fit with CPDIF’s strategy of identifying high-growth market players that build digital infrastructure on the continent,” Convergence Partners said in a statement.
“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. We believe that the business is well poised to use its market advantage to further its ambitions in the automotive technology space by continuing to develop its IoT and artificial intelligence (technologies),” said founder Ngcaba.
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The acquisition comes two months after Convergence Partners announced US$5 million further funding for its stake in fintech firm ChannelVAS.
Ctrack is a telematics software-as-a-service digital infrastructure platform providing fleet management, insurance, and weather telematic solutions and asset tracking solutions to its subscribers in Africa and the Middle East.
