Investcorp acquired ABAX in 2017 with the aim of supporting its growth strategy by capitalising on the fragmented and expanding market for telematics solutions.ĪBAX represents Investcorp’s fourth investment in the space, with other notable investments including SageQuest and Fleetmatics which rapidly expanded under its ownership and successfully merged and listed on the New York Stock Exchange in 2012, creating the fastest growing global fleet tracking software provider, and was ultimately acquired by Verizon Communications Inc. Our acquisition demonstrates confidence in the growth potential of the new combined entity, and we look forward to working together to accelerate our growth ambitions in the years to come."įounded in 2003, ABAX is one of Europe’s largest telematics solution providers. Together with Automile, we will be at the forefront of innovation with the most modern, open, and advanced telematics platform. In turn, Morten Strand, Group CEO of ABAX, commented, "The acquisition is an important step for us to further strengthen our operations and our position in the Nordics, Europe, and globally. The financial details of the transaction remained undisclosed. Automotive Mobile Software Services 13 October 2020 Abax, an Oslo, Norway-based developer of vehicle monitoring software, announced that it entered into an agreement for acquiring the Swedish provider of telematics and IoT solutions Automile. The Daily Tribune Investcorp, a leading global provider and manager of alternative investment products, yesterday announced that its portfolio company ABAX, a telematics solutions provider in the Nordics and one of the largest in Europe, has acquired Automile, a Nordic-based provider of telematics and internet of things (IoT) services. ABAX has delivered consistent growth and we believe that the company is well-positioned for the future with a proven acquisition playbook in an expanding addressable market." Abax announced the acquisition of Automile. This combination creates the second largest telematics player in Europe by the number of subscriptions and will enable ABAX to offer new and existing customers a wider array of value-added connectivity services with greater geographic coverage.Ĭommenting on the announcement, Daniel Lopez-Cruz, Investcorp’s Head of Private Equity, Europe, said, "We backed ABAX to acquire Automile as the transaction enhances ABAX’s leadership position in the highly fragmented and growing telematics market, which we believe remains underpenetrated despite increased rates of adoption. The addition of Automile strengthens ABAX’s growth platform, bringing together a highly complementary portfolio of telematics solutions that will leverage ABAX’s global IoT network. The transaction has closed and positions the combined group as a global telematics leader with more than 360,000 subscriptions, the company said in a statement.ĪBAX is the first telematics solutions provider in the Nordics and one of the largest in Europe. BAHRAIN, (Pakistan Point News - 16th Nov, 2020) Investcorp, Bahrain-based asset manager that counts Mubadala Investment Company as its biggest shareholder, announced on Monday that its portfolio company ABAX has acquired Automile, a Nordic based provider of telematics and internet of Things, IoT, services.
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