Telematics company ABAX Group has been acquired by Investcorp, a provider and manager of alternative investment products, for $210 million (£163 million).
The transaction is Investcorp’s fourth investment in the telematics sector globally and its fourth in Scandinavia in the past 18 months.
Founded in 2003, ABAX develops and delivers fleet tracking, electronic triplogs, equipment and vehicle control systems and order management systems.
Headquartered in Larvik, Norway, the company has around 350 employees and established operations across the Nordic region as well as in Poland, the Netherlands, the UK and China.
At the start of 2017, ABAX had over 200,000 active subscriptions across 25,500 customers.
Investcorp plans to support ABAX’s international growth both organically and by add-on acquisitions, further expanding its customer base into new geographies as telematics solutions become increasingly relevant in the automotive industry.
Hazem Ben-Gacem, Investcorp’s head of corporate investment in Europe, said, “ABAX’s market position and what we think are terrific growth prospects represent an attractive investment opportunity for Investcorp.
"As one of Europe’s fastest growing telematics companies, ABAX is well placed to further expand in the connected vehicle industry.
"Having made three previous investments in this exciting sector, we bring successful telematics experience and operational know-how and we look forward to partnering with the management team to establish the company as a leading player in the global market.”