Targa Telematics has secured new investment from Investindustrial to accelerate its growth strategy.
The Italian business specialises in telematics, smart mobility and digital IoT platforms for mobility operators. It is a supplier to short and long-term vehicle rental companies, financial and insurance companies and large fleet managers such as construction companies and airport operators, offering software solutions ranging from insurance telematics to asset and fleet management to diagnostics and remote telemetry of vehicles.
Following the investment by Investindustrial, Targa Telematics said it will continue its growth path to strengthen its leadership position in Italy and become a leader in the smart mobility space, in the management of large fleets and in the insurtech sector at European and worldwilde level.
The transaction will also allow the company to further consolidate the existing partnerships with its long-standing customers and to create new client opportunities.
Nicola de Mattia (pictured), CEO of Targa Telematics, said: "Investindustrial is the perfect partner to expand our team and pursue the path towards further strengthening and accelerating our growth and internationalisation.
“We will thus continue our innovation process in IoT, which is in line with the industrial project that has been fully shared with the new investor. We will work side by side to position ourselves as the benchmark for smart mobility both in Europe and worldwide.”
Targa Telematics, which has its headquarters in Treviso and an office in Turin, recorded revenues of €40 million (£34.4m) in 2020, has 130 employees and 950 customers.
Andrea C. Bonomi, chairman of the Industrial Advisory Board of Investindustrial, added: "We are very happy to partner with Targa Telematics. Being able to work with the company, its management and other shareholders shows how, thanks to innovation, the growth path of excellent companies can be accelerated.
“Cutting-edge technologies such as those developed by Targa Telematics are recognized not only in Italy, but also abroad and make this company a leading international player that perfectly matches the quality profile of the companies in which Investindustrial usually invests.”