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M&A Deal Summary

Convergence Partners Acquires Ctrack

On February 25, 2021, private equity firm Convergence Partners acquired information technology company Ctrack from Inseego

Acquisition Highlights
  • This is Convergence Partners’ 4th transaction in the Information Technology sector.
  • This is Convergence Partners’ 4th transaction in South Africa.

M&A Deal Summary
Date 2021-02-25
Target Ctrack
Sector Information Technology
Buyer(s) Convergence Partners
Sellers(s) Inseego
Deal Type Divestiture

Target

Ctrack

Centurion, South Africa
Ctrack specializes in vehicle tracking, fleet management and insurance telematics for a global client base in 54 countries. Ctrack brand is recognized as a world-leading provider of advanced machine-to-machine communication and telematics solutions that adds value to this global base of customers with mobile assets. Ctrack is based in Centurion, South Africa.

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Buyer(S) 1

Buyer

Convergence Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2006
Size Small
Type Sector Focused
DESCRIPTION

Convergence Partners is an investment group focused on technology, media, and communications opportunities in Africa. The Firm looks to fund initiatives that increase the availability of communications, broadband services and new technology offerings to the people of Africa. Convergence Partners was formed in 2006 and is based in Johannesburg, South Africa.

DEAL STATS #
Overall 10 of 12
Sector: Information Technology M&A 4 of 4
Type: Divestiture M&A Deals 1 of 1
Country: South Africa M&A 4 of 4
Year: 2021 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-31 Rack Centre

Ikeja, Nigeria

Rack Centre is a carrier-neutral Tier III Constructed Facility Certified data center in Africa and focuses solely on providing data center colocation services and unrestricted interconnection between carriers and customers. Rack Centre was founded in 2012 and is based in Ikeja, Nigeria.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-27 LifeQ

Alpharetta, Georgia, United States

LifeQ is an independent provider of biometrics and health information derived from wearable devices. LifeQ helps people to better understand their own bodies, detect health problems, prevent illness, and live healthier lives. LifeQ was founded in 2014 and is based in Alpharetta, Georgia.

Buy -

Seller(S) 1

SELLER

Inseego

Alpharetta, Georgia, United States
Category Company
Founded 1996
Sector Technology Hardware
Employees218
Revenue 191M USD (2024)
DESCRIPTION

Inseego is a provider of wireless broadband access solutions for the worldwide mobile communications market. Inseego was founded in 1996 and is based in San Diego, California.

DEAL STATS #
Overall 3 of 3
Sector: Information Technology M&A 1 of 1
Type: Divestiture M&A Deals 3 of 3
Country: South Africa M&A 1 of 1
Year: 2021 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-11 Novatel Wireless - IP and Cellular Module Products

United States

Novatel Wireless - IP and Cellular Module Products is a provider of communication equipment products.

Sell $15M
Mergr

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