Bahrain's Investcorp completes $210m deal for vehicle tracking firm
Investment firm acquires Norway-based ABAX Group, says to support international expansion plan
Bahrain-based Investcorp has announced that it has completed the acquisition of ABAX Group, an international market leader in the development and supply of vehicle tracking systems technology.
The investment firm said in a statement that the deal with Norvestor was worth about $210m.
The transaction is Investcorp's fourth investment in the telematics sector globally and the fourth in Scandinavia in the past 18 months, it added.
Founded in 2003, ABAX has become one of Europe's fastest growing technology businesses and the leading telematics service provider in the Nordics by developing and delivering sophisticated 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 United Kingdom and China. ABAX has over 200,000 active subscriptions for its service and 25,500 customers.
Investcorp said it 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.
Yusef Al Yusef, managing director at Investcorp in Kuwait, said: "We think that ABAX is another great addition to Investcorp's European portfolio. We have extensive technology experience, including three previous investments in the telematics space.
"We believe we have the right combination of financial as well as operational expertise to add real value and accelerate the growth of ABAX as it enters the next chapter in its history."
ABAX marks Investcorp's fourth investment in Scandinavia in the last 18 months, having previously acquired Coresec, Sweden's largest managed cyber security service provider, POC, a Stockholm-based revolutionary manufacturer of skiing and cycling helmets, gear and accessories, and Ageras, the Copenhagen-based online B2B marketplace for professional services.