Inseego to sell telematics business for $52M

Inseego “announced that it has entered into a definitive agreement to sell its fleet management and telematics business in an all-cash transaction for $52 million. Under the terms of the agreement, a portfolio holding company of Convergence Partners, an investment management firm focused on the technology sector, will acquire Inseego’s remaining telematics business that operates across the United Kingdom, the European Union, Australia and New Zealand. Inseego’s decision to divest its fleet management and telematics operations was based on a review of the strategic fit of the business with the Company’s North American-centric 5G wireless solutions business and the Company’s previously stated goal to continue to significantly de-leverage its capital structure. The sale of the telematics operations further supports Inseego’s streamlining of its focus and resources on the strongest growth opportunities around its core product offerings.”