Convergence Partners acquires Ctrack
Vehicle tracking, fleet management, and insurance telematics solutions company, Ctrack, will break away from Inseego following a purchase by investment management firm Convergence Partners. Inseego sold Ctrack following a new demand on technology, and Inseego's 5G business and a strategy to focus on target markets that are closely aligned with the growth of their 5G business.
Ctrack will continue operations in its current form and retain its Ctrack brand name, which has a rich history spanning 30 years. The transaction is expected to close during the second quarter of 2021.