Thursday, February 25, 2021

Inseego Sells Off South African Operations Of Ctrack

San Diego-based Inseego, which develops 5G and IoT equipment, including wireless hotspot hardware, says it is selling off the South African operations of its subsidiary, Ctrack, to private equity firm Convergence Partners. According to Inseego, an affiliate of Convergence Partners will acquire the South African operations of Ctrack for approximately 529 million South African Rand (ZAR) (approximately $36.2 million USD based on an exchange rate of 14.62 ZAR to USD) in an all-cash transaction. The company said the deal is part of a strategy to focus solely "target markets that are closely aligned with the growth of our 5G business."

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