Convergence Partners, leading tech investor in Africa, has entered into an agreement with Inseego Corp. (Nasdaq: INSG) to acquire 100% of Ctrack’s operations in Africa and the Middle East.
This will be the maiden investment for its third fund, Convergence Partners Digital Infrastructure Fund (CPDIF). The agreement is subject to customary conditions including approval by the Competition Authority of South Africa.
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. The business’ IOT and data analytics capabilities are a key component of an emerging sector in Africa and are good fit with CPDIF’s strategy of identifying high growth market players that build digital infrastructure in the Continent.
Says Andile Ngcaba, Chairman of Convergence Partners, “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 (“autotech”) space by continuing to develop its internet of things (“IoT”) and artificial intelligence (“AI”) competencies. As the world enters automotive ethernet, Ctrack is well positioned for vehicular communication systems such as V2V and V2X connectivity and the business will subscribe to 5GAA protocols in the 5.9Ghz band. We thus believe that our ownership of Ctrack will serve as a catalyst to enhance and accelerate its digital ambitions further.”
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