There’s a big change at Ctrack South Africa following the announcement that the company will break away from Inseego following the purchase of 100% of Ctrack’s operations in Africa and the Middle East by investment management firm, Convergence Partners, a leading tech investor in Africa.
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.
As our readers know, 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.
Under the new deal, the company 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 its 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 its customers.
Commenting on the decision to purchase Ctrack, Andile Ngcaba, chairman of Convergence Partners says: “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 thus believe that our ownership of Ctrack will serve as a catalyst to enhance and accelerate its digital ambitions further.”
Brandon Doyle, CEO of Convergence Partners, says Ctrack’s IOT and data analytics capabilities are a key component of an emerging sector in Africa and a good fit with the company’s strategy of identifying high growth market players that build digital infrastructure in the African Continent.
“We believe our expertise can elevate the Ctrack business to new heights and that our ownership of Ctrack will serve as a catalyst to enhance and accelerate its digital ambitions further.”
In a statement released by Convergence Partners, it states that 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.
Wow! That’s amazing. Actually, we don’t a clue that means but it certainly sounds progressive. The important thing we need to know is “where’s my truck” and if V2V and 5GAA in the 5.9Ghz does that faster and better, then it’s OK with us.
Hein Jordt, managing director of Ctrack South Africa, is confident that this new partnership will bring a wealth of business knowledge and he envisages many opportunities and positive synergies to benefit the 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. 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,” says Jordt.
The transaction is subject to receipt of regulatory approvals and other closing conditions and is expected to close during the second quarter of 2021.
It was Bob Dylan who sang: “The times they are’a changing.” He was certainly on the button with that.