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." 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. Together with Automile, we will be at the forefront of innovation with the most modern, open, and advanced telematics platform.”Įstablished in 2003, ABAX is one of Europe’s largest telematics solution providers and represents Investcorp’s fourth investment in the space, with other notable investments including SageQuest and Fleetmatics.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. Group CEO of ABAX, Morten Strand, said, “The acquisition is an important step for us to further strengthen our operations and our position in the Nordics, Europe, and globally. “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,” said Investcorp’s Head of Private Equity, Europe, Daniel Lopez-Cruz. This will position ABAX as the second-largest company in the European telematics market and enable it to offer new and existing customers a wider range of value-added connectivity services with greater geographic coverage. The addition of Automile bolsters ABAX’s growth platform, bringing together a highly complementary portfolio of telematics solutions that will leverage ABAX’s global IoT network. The transaction represents ABAX’s third and largest add-on acquisition since Investcorp’s investment in 2017 and has positioned the combined group as a global telematics leader with more than 360,000 subscriptions, according to a press release on Monday. Mubasher: Investcorp announced that its portfolio company ABAX, the leading telematics solutions provider in the Nordics, has acquired Automile, a Nordic-based provider of telematics and internet of things (IoT) services.
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