Inseego completes sale of Ctrack South Africa operations
Inseego Corp. , a provider of 5G and intelligent IoT device-to-cloud solutions, has announced 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, for a purchase price of 528.9 million South African Rand (ZAR) (approximately $36.6 million USD) in an all-cash transaction.
The purchase price is subject to certain post-closing working capital adjustments.
“We are positioning Inseego as a pure-play 5G company and all of our efforts are now focused on the global 5G opportunity,” said Inseego Chairman and CEO Dan Mondor. “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.”