A global sale announcement will enable Inseego Ctrack to pivot and concentrate on Australia and Europe as part of its core strategy. This follows the announcement of the completion of the sale of its Ctrack operation in South Africa.
In Australia, Inseego’s Ctrack fleet management system includes a wide range of device-to-cloud solutions that provide real-time visibility of mobile assets, along with data visualisation and actionable insights to help maximise fleet performance.
The successful completion of the sale of its South African operations of its Ctrack telematics and asset tracking business to an affiliate of Convergence Partners was completed at a purchase price of $49 million in an all-cash transaction. The purchase price is subject to certain post-closing working capital adjustments.
“This divestiture will strengthen our cash position and enable Inseego to focus on key markets that are core to our 5G strategy,” said Inseego Chairman and CEO Dan Mondor.. “We are retaining our telematics and asset tracking business in markets that directly align with the Company’s 5G and enterprise initiatives, including Europe and Australia.”
“We are positioning Inseego as a pure-play 5G company and all of our efforts are now focused on the global 5G opportunity. This divestiture will strengthen our cash position and enable Inseego to focus on key markets that are core to our 5G strategy. We are retaining our telematics and asset tracking business in markets that directly align with the Company’s 5G and enterprise initiatives, including Europe and Australia.”
Inseego works in the smart device-to-cloud solutions area that extend the 5G network edge, enabling broader 5G coverage, multi-gigabit data speeds, low latency and strong security to deliver highly reliable internet access.
The company’s mobile broadband, fixed wireless access (FWA) solutions, and software platform incorporate the most advanced technologies (including 5G, 4G LTE, Wi-Fi 6 and others) into a wide range of products that provide robust connectivity indoors, outdoors and in the harshest industrial environments.