South African telematics innovator Ctrack Holdings has successfully secured $23.4 million in equity financing, spearheaded by Sanari Capital alongside 27four Investment Managers. This capital injection is set to fast-track the company’s expansion, innovation, and operational scaling across Africa and international markets.
Both Sanari Capital and 27four Investment Managers, prominent investors in South Africa known for their strong B-BBEE compliance, jointly contributed to this funding round. Sanari’s 3S Growth Fund led with $14.4 million, while 27four committed $9 million. Verdant IMAP acted as the exclusive financial advisor and intermediary throughout the transaction.
With a legacy spanning four decades, Ctrack leverages data from GPS devices, sensors, and other technologies to convert raw information into strategic insights that enhance operational efficiency, safety, and business growth. The company’s footprint extends beyond Africa to the UK, Europe, and Australia.
Recognized globally as a frontrunner in telematics, Ctrack delivers predictive analytics to diverse sectors including logistics, construction, government, and insurance. This fresh capital infusion empowers the company to deepen its market presence and accelerate innovation across these industries.
Hein Jordt, Ctrack’s CEO, emphasized that the backing from Sanari Capital and 27four Investment Managers is a testament to the company’s sustained growth trajectory and its stature as a global telematics leader. He highlighted that the funding will enhance Ctrack’s capacity to empower businesses with predictive capabilities.
“Sanari Capital’s commitment to unlocking both human and technological potential aligns perfectly with our vision and strategy. Collaborating with the teams at Sanari and 27four has been highly rewarding, and we eagerly anticipate strengthening this partnership moving forward,” Jordt remarked.
Sanari Capital, reflecting on the investment, praised Ctrack’s established global leadership in telematics and cited the company’s proven performance and ambitious growth plans as key reasons for their support.
“Operating fleets in Africa involves navigating some of the most challenging conditions worldwide-ranging from infrastructure limitations and cross-border logistics to rural connectivity and security issues. Solutions developed here are among the most robust and adaptable globally,” stated Ofentse Pelle, Partner at Sanari Capital.
This funding milestone complements Ctrack’s recent acquisition of Inseego’s international telematics division, a deal facilitated by investor Convergence Partners last year.
Ctrack’s Strategic Acquisition of Inseego Strengthens Global Position
The equity investment from Sanari and 27four builds upon Ctrack’s strategic move to acquire Inseego’s international telematics operations. This capital boost will support the company’s ambitions to consolidate and expand its global reach.
More than just financial backing, this development reunites Ctrack’s global operations. In 2021, Convergence Partners acquired Ctrack’s Africa and Middle East segments from Inseego. Three years later, Ctrack finalized the purchase of Inseego’s remaining telematics businesses across Europe, Australia, and New Zealand.
Convergence Partners views this latest investment as a strong endorsement of Ctrack’s worldwide growth potential, reinforcing the shareholder base to drive the next wave of innovation and expansion.
“We are thrilled to welcome Sanari and 27four as equity partners, both of whom we have collaborated with successfully before. Convergence Partners remains dedicated to supporting Ctrack as it continues to pioneer advancements in global telematics,” the firm stated.
Since Convergence Partners’ involvement began in 2021, Ctrack has solidified its role as a leading provider of data-driven fleet management and telematics solutions with a truly international presence.
By forging new partnerships and consolidating its global operations, Ctrack is strategically positioned to dominate the telematics sector, delivering integrated solutions to clients across Africa and developed markets worldwide.