Italy: Renova Group of companies has acquired 100% shares in Octo Telematics from structures associated with the Italian group Montezemolo&Partners and its co-investors Amadeus Capital Partners and Keensight Capital.
Octo Telematics is the global brand leader in providing insurance telematics services . Moreover, the company is a developer of a fast growing range of specialist applications for insurance and transport companies to optimize fleet management.
Today, Octo Telematics has 8 out of the world’s largest car insurers as clients. Based in Rome and London, Octo Telematics has a number of subsidiaries in more than 20 countries all over the world.
The arrival of the new strategic investor has been strongly supported by the current top management team who will continue to manage the company. Finalizing the transaction is subject to obtaining all necessary authorizations from antitrust authorities.
Viktor Vekselberg, Chairman of the Board of Directors of Renova Group of companies, made the following comment on the transaction: “We believe, that Octo Telematics has a huge market potential almost all over the world. But the special focus will be given on the penetration of the company’s technologies into the Russian market, where they are unique and can give a perfect synergy in collaboration with the Russian satellite navigation system GLONASS. This purchase perfectly matches the strategy of Renova Group which implies gradual transition to investments in high-tech and innovative sectors”.
Fabio Sbianchi, CEO of Octo Telematics S.p.A. concluded: “I strongly share the rationale of Renova as our shareholder underlying this acquisition. Octo Telematics has a history of innovation and success that with Renova Group will allow the company to continue its growth in worldwide”.