Technology investor Convergence Partners has entered into an agreement with Inseego to acquire 100% of Ctrack’s operations in Africa and the Middle East.
The transaction will be the maiden investment for its third fund, the Convergence Partners Digital Infrastructure Fund (CPDIF).
Ctrack is a telematics software-as-a-service digital infrastructure platform, providing fleet management, insurance and weather telematics solutions, as well as asset tracking products, to its subscribers in Africa and the Middle East.
Convergence Partners says the business’s Internet-of-Things (IoT) and data analytics capabilities are a key component of an emerging sector in Africa and the company is a good fit with CPDIF’s strategy of identifying high-growth market players that build digital infrastructure on the continent.