Verdant IMAP Advises on USD 23.4 Million (ZAR 406 Million) Equity Raise to Reunify Ctrack’s Global Telematics Business

 

Verdant IMAP (www.Verdant-Cap.com) is pleased to announce that it acted as sole financial advisor and arranger to Ctrack Holding on the successful closing of a USD 23.4 million (ZAR 406 million) equity raise for Ctrack Holdings. The investment, led by Sanari Capital and 27four Investment Managers, both recognised leaders in South Africa’s investment space with strong B-BBEE credentials, will support Ctrack’s continued international expansion following the acquisition of Inseego’s global telematics business.

The funding was secured through Sanari’s 3S Growth Fund, which contributed USD 14.4 million (ZAR 250 million), and 27four Investment Managers, which invested USD 9 million (R156 million).

This transaction represents the reunification of Ctrack’s global business. In 2021, Convergence Partners acquired the Africa and Middle East operations of Ctrack from Inseego. In 2024, Ctrack completed the acquisition of Inseego’s remaining international telematics operations across Europe, Australia, and New Zealand. With this new equity injection, the company is consolidating its platform, technology, and customer base under a single global structure.

Ctrack’s Crystal platform delivers predictive telematics insights to clients in industries such as logistics, construction, government, and insurance, and is now positioned to scale its services seamlessly across Africa, the UK, Europe, Australia, and New Zealand.

Hein Jordt, Chief Executive Officer of Ctrack, commented:

“This reunification is a defining milestone in Ctrack’s history. With the backing of Sanari Capital and 27four Investment Managers, and the continued support of Convergence Partners, we are once again bringing together the full scope of Ctrack’s global operations. This positions us to deliver a seamless international offering, underpinned by innovation, scale, and an unwavering commitment to our customers across Africa and developed international markets.”

Brandon Doyle, Chief Executive Officer of Convergence Partners, added:

“Verdant IMAP helped bring trusted partners Sanari and 27four on board, strengthening the shareholder base for Ctrack’s next phase of global growth. We are pleased to partner with them as Ctrack continues to scale, innovate, and deepen its impact for customers worldwide.”

The participation of Sanari Capital and 27four Investment Managers underscores investor conviction in Ctrack’s growth trajectory and highlights the role of inclusive capital in building globally competitive technology businesses.

This transaction demonstrates Verdant IMAP’s ability to deliver complex, cross-border growth capital solutions in the technology and infrastructure sectors. As the exclusive IMAP partner in the region, Verdant IMAP connects African businesses to international investors and strategic partners through IMAP’s global M&A advisory network spanning over 50 countries.  The transaction further reinforces Verdant IMAP’s market position in key verticals of strength, including technology and mobility.  

Distributed by APO Group on behalf of Verdant Capital.

Media Enquiries:
Orient Mahonisi
T: +27 10 140 3700
E: orient.mahonisi@verdant-cap.com

About Ctrack:
Ctrack is a global leader in telematics, fleet management, and AI-driven predictive analytics. With a reunified platform spanning Africa, Europe, Australia, and New Zealand, Ctrack delivers advanced solutions that help customers improve safety, efficiency, and real-time decision-making. Its Crystal platform supports clients across logistics, construction, government, and insurance sectors.

About Verdant IMAP:
Verdant IMAP is a leading investment bank operating on a pan-African focus, specialising in M&A and in private capital markets.  Verdant IMAP is the IMAP partner firm for its region.  IMAP with partner firms present in 51 countries, with more than 450 M&A professionals, is one of the world’s leading M&A partnerships. www.Verdant-Cap.com