Inseego Completes Sale of Ctrack South Africa Operations
Inseego Corp. (Nasdaq: INSG), a leader of 5G and intelligent IoT device-to-cloud solutions, today 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.
- Inseego Corp. (Nasdaq: INSG), a leader of 5G and intelligent IoT device-to-cloud solutions, today 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.