Inseego Completes Sale of Telematics Business For $52 Million in Cash
Inseego Completes Sale of Telematics Business For $52 Million in Cash
SAN DIEGO, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Inseego Corp. (Nasdaq: INSG) (the "Company"), a technology leader in 5G mobile and fixed wireless solutions for mobile network operators, Fortune 500 enterprises, and SMBs, today announced the successful completion of the previously announced sale of its global telematics business for $52 million dollars (USD) in an all-cash transaction to Ctrack Holdings, a portfolio company of Convergence Partners. The transaction involves the divestiture of Inseego's telematics business that operates across the United Kingdom, the European Union, Australia and New Zealand.
圣地亚哥，2024年12月2日（环球新闻）-- inseego公司（纳斯达克：INSG）（"公司"）是一家在5g移动和固定无线解决方案方面的科技领导者，服务于移动网络运营商、财富500强企业和中小企业，今天宣布成功完成了之前宣布的以5200万美元的全现金交易，将其全球车联网业务出售给Ctrack Holdings，该公司是Convergence Partners的投资组合公司。此次交易涉及出售inseego在英国、欧盟、澳洲和新西兰运营的车联网业务。
"We are pleased to announce that the sale of our telematics business has been finalized, which will allow us to focus on our core 5G business," said Philip Brace, Executive Chairman of Inseego. "We would like to thank the team members of the telematics business for their hard work and years of service to Inseego, and we wish them the best."
"我们很高兴地宣布我们的车联网业务的出售已经完成，这将使我们能够专注于核心的5g业务，" inseego的执行主席Philip Brace说。"我们想感谢车联网业务的团队成员们为inseego付出的辛勤努力和多年服务，祝他们一切顺利。"
The sale of the telematics business served two important purposes of allowing the Company to focus on driving growth in its core 5G domestic business and providing cash for the recapitalization and debt reduction that was executed. As part of that initiative, the Company used a portion of the proceeds from the sale of the telematics business to repay in full the remaining $6 million balance due under Loan and Security Agreement, dated June 28, 2024, among the Company, South Ocean Funding, LLC, certain participant lenders and certain subsidiaries of the Company.
出售车联网业务有两个重要目的：使公司能够集中精力推动核心5g业务的增长，并为执行的资本重组和债务减少提供资金。作为这一倡议的一部分，公司使用了来自车联网业务销售的一部分收益，完全偿还了2024年6月28日公司、南洋资金公司、某些参与贷款人和公司的某些子公司之间的贷款和安防协议下的剩余600万美元余额。
About Inseego Corp.
Inseego Corp. (Nasdaq: INSG) is the industry leader in 5G Enterprise cloud WAN solutions, with millions of end customers and thousands of enterprise and SMB customers on its 4G, 5G, and cloud platforms. Inseego's 5G Edge Cloud combines the industry's best 5G technology, rich cloud networking features, and intelligent edge applications. Inseego powers new business experiences by connecting distributed sites and workforces, securing enterprise data, and improving business outcomes with intelligent operational visibility---all over a 5G network. For more information on Inseego, visit . #Putting5GtoWork
关于Inseego Corp.
inseego公司（纳斯达克：INSG）是5G企业云WAN解决方案的行业领导者，拥有数百万的终端客户和成千上万的企业及中小企业客户，基于其4G、5G和云平台。inseego的5G边缘云结合了行业最佳的5G科技、丰富的云网络功能和智能边缘应用。inseego通过连接分布式地点和工作团队，确保企业数据的安全，并通过智能操作可视化改善业务成果，推动新的商业体验——这一切都在5G网络之上。有关inseego的更多信息，请访问。#把5G应用于工作
Media Relations Contact:
Inseego Corp.
Jodi Ellis
pr@inseego.com
Emily Whalen
英磁高公司。
Jodi Ellis
pr@inseego.com
