Investcorp’s ABAX acquires Automile
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
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.
The transaction positions the combined group as a global telematics leader with more than 360,000 subscriptions.
The combination creates the second largest telematics player in Europe by the number of subscriptions and enabling ABAX to offer new and existing customers an increasing array of value-added connectivity services with further geographic coverage.
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.”
Morten Strand, Group CEO of ABAX, said: “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.”