Inseego Corp. announced the successful completion of the previously announced sale of its global telematics business. The transaction was an all-cash deal, valued at $52 million, with Ctrack Holdings, a portfolio company of Convergence Partners.
This divestiture involves Inseego's telematics operations located in the United Kingdom, the European Union, Australia, and New Zealand. The completion of this sale allows Inseego to streamline its operations and focus squarely on its core 5G mobile and fixed wireless solutions.
The $52 million cash infusion from the sale provides Inseego with additional liquidity and financial flexibility. This strategic move is expected to support the company's investments in new products and growth initiatives within its primary wireless broadband market.
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