Ctrack Secures $23.4M Backing from Sanari and 27four

Hein Jordt, Ctrack Group CEO

Sanari Capital, a South African private equity firm that invests in medium-sized and mid-market growth companies, has announced an investment in Ctrack, a telematics and fleet asset management business.

Sanari invested R250 million ($14.4 million) through its 3S Growth Fund alongside R156 million ($9 million) from its long-standing investor partner, 27four Investment Managers.

Operating across Africa, the UK, Europe and Australia, Ctrack’s Crystal platform provides predictive insights to industries ranging from logistics and construction to government and insurance markets.

The Sanari and 27four investment builds on Ctrack’s strategic acquisition of Inseego’s international telematics business last year. That transaction, which was supported with a follow-on investment by Convergence Partners, consolidated Ctrack’s global footprint and expanded its presence in key international markets.

“This investment comes at a pivotal inflection point for Ctrack,” said Ofentse Pelle, partner at Sanari Capital, who led the transaction. “The business is already well established as a global leader but continues to show ambition for further growth. We are backing a management team with an impressive track record and a clear conviction to building a business with an enduring impact.”

He added: “Africa has some of the toughest operating conditions for fleets – infrastructure, cross-border logistics, rural connectivity and security challenges. Telematics solutions developed here are among the best in the world and highly adaptable globally.”

Rory Ord, head of private Markets at 27four, commented: “Ctrack has established a strong foundation and the capability to drive further growth by harnessing advanced technology and deep expertise to address the evolving needs of fleet operators on a worldwide scale. 27four is enthusiastic about partnering with Ctrack to support and accelerate its next phase of expansion and innovation.”

Convergence Partners welcomed the new investors. “We are delighted to welcome Sanari and 27four as equity partners, both of whom are parties we have worked well with in the past. This investment validates our conviction in Ctrack’s global potential and strengthens the shareholder base behind Ctrack’s next phase of innovation and global growth. Convergence Partners remains committed to supporting Ctrack’s journey as they continue to lead innovation in global telematics,” said Brandon Doyle, CEO and founding partner of Convergence Partners.

Samantha Pokroy, founder and CEO of Sanari Capital, said the deal, “illustrates the essence of what Sanari is about: tapping growth that does not rely on economic growth alone, harnessing key sectoral growth drivers and applying our active investment approach.”

Source: Africa Private Equity News