Convergence Companions, the funding automobile created by businessman Andile Ngcaba, has acquired Ctrack’s operations in Africa and the Center East from Nasdaq-listed Inseego.
The funding — the worth of which has not been disclosed — is the maiden funding for Convergence Companions’ third fund, the Convergence Companions Digital Infrastructure Fund (CPDIF).
The deal, which should nonetheless be accepted by the Competitors Fee in South Africa, provides Convergence Companions entry to a telematics software-as-a-service digital infrastructure platform offering fleet administration, insurance coverage and climate telematic options and asset monitoring options.
“The enterprise’s Web of issues (IoT) and information analytics capabilities are key elements of an rising sector in Africa and are good match with CPDIF’s technique of figuring out high-growth market gamers that construct digital infrastructure on the continent,” Convergence Companions mentioned in an announcement.
Mentioned Ngcaba in the identical assertion: “Our curiosity within the enterprise pertains to its confirmed market management within the improvement of analytics options utilizing huge information extracted from the cloud platform. We imagine that the enterprise is nicely poised to make use of its market benefit to additional its ambitions within the automotive know-how area by persevering with to develop its IoT and synthetic intelligence (applied sciences).” — © 2021 NewsCentral Media