Radius has acquired CanTrack, a stolen vehicle recovery (SVR) telematics business, which protects high value vehicles and assets worth more than half a billion pounds.
CanTrack, which is based in Milton Keynes, also has a tracking business and its own software development team which is behind its Osprey platform.
Bill Holmes, CEO of Radius, said: “Peter and his team have built a really great business over the last 17 years and have a strong customer base that includes some prestigious accounts. This acquisition further strengthens our telematics division as we continue with our plan to build a product set that is unparalleled in the global marketplace.
“We are really looking forward to working with Peter and his team to continue their success and start rolling out their products across the growing Radius SME customer base both in the UK and our other markets.”
Radius, which was established by owner Bill Holmes as a fuel card company in 1990, made a series of acquisitions in 2019, sealing seven deals in seven weeks, as part of its diversification strategy.
It included Sure-Track a specialist in stolen vehicle and plant recovery systems, which also supplies fleet tracking and vehicle camera solutions.
A specialist in stolen vehicle and plant recovery systems, Sure-Track also supplies fleet tracking and vehicle camera solutions.
Peter Thompson, managing director of CanTrack, said that the business’s growth in recent years had been “exceptional”.
He added: “We’ve been considering partnering with a larger global player for some time as our clients’ needs become more complex.
“We had no shortage of suitors, but Radius clearly stood out to us as the best fit. They’re an incredibly exciting company, full of passionate people who have a track record in sustainable growth and delivering on objectives.”
Culturally, Thompson says that there was a “strong alignment”. “We’re also proud to be part of a British success story, which is now one of the world’s top five businesses in our space," he said.
“The entire senior team at CanTrack including myself will be staying on, and we’re excited to bring the wider product portfolio to our clients.”