Technology investor, Amadeus Capital Partners, today announced the sale of Octo Telematics to Renova Group, which includes the sale of its stake in the company. Completion of Renova’s acquisition is subject to regulatory approvals.
Octo is an early pioneer in the telematics sector. The company is a developer of a fast-growing range of specialist applications, for insurance and transport companies, that mitigate risks of fraud and optimise fleet management. Amadeus invested in 2010, alongside Montezemolo & Partners. Since then, the company’s turnover has increased substantially, with eight out of the world’s largest car insurers as Octo clients. The company is profitable and has expanded its business since 2010 into the UK, the USA, Germany, Canada, South Africa and other markets. Further growth in these and new emerging markets is anticipated.
Viktor Vekselberg, Chairman of the Board of Directors of Renova Group, said: “We believe in Octo Telematics and in its huge market potential, including in Russia. This purchase perfectly matches the strategy of Renova Group, which involves a gradual transition to investments in high-tech and innovative sectors and exit from the resources sector.”
Andrea Traversone, Partner at Amadeus, said: “Since our investment in 2010, Octo has achieved impressive growth and profitability whilst cementing its market leadership position in the insurance telematics market. The company’s products currently represent one of the most successful applications in the Internet of Things sector. We have worked closely with the lead co-investor Montezemolo & Partners, one of the leading private equity firms in Italy, in supporting the company in this growth and internationalisation phase.”
Fabio Sbianchi, CEO of Octo Telematics S.p.A. added: “Renova brings an entrepreneurial approach and strong commitment to continued international expansion in Octo’s next stage of growth, following considerable success over the past three years.”
Amadeus recently announced the First Close of its Amadeus IV Early Stage Fund, a fund investing seed and early stage finance in innovative technologies in the UK; this followed the First Close in 2013 of the Amadeus IV Digital Prosperity Fund, a global fund backing technologies serving businesses and consumers in emerging countries.
For further information, please contact: Chantal Ligertwood, PR for Amadeus, +44 (0)7976 229 210 email@example.com