OCTO Telematics, a leading global provider of telematics services and advanced IoT data analysis solutions, bought the entire share capital of Nebula Systems Ltd, a company specializing in the development of advanced cloud technologies for the automotive industry and connected cars, of which OCTO already owned a minority (see the press release here).
This means that thanks to this innovation it will be possible to make vehicle information and data more accessible, so that the use, status and operation of a car can be monitored, analyzed and maintained, faster and more effectively., always and everywhere.
“We are very proud of this further acquisition which puts OCTO, even more, among the leading providers of last generation telematics for fleets”, said Nicola Veratelli, ceo of OCTO Group since last September, who took over the role of co-founder Fabio Sbianchi (see the press release here). Veratelli added: “Among the numerous innovations that are transforming the mobility sector, some have a significant impact on fleet managers, including the need to integrate data from the vehicle, each different from one another and defined by each manufacturer. OCTO solves the complexity of the interpretation of this data and proposes an integrated solution that helps to provide real added value to fleet managers. Cloud-based remote diagnostics, resulting from the acquisition, is certainly one of the most significant innovations available today for these applications “.
Today OCTO has over 6 million connected users and the largest global database of telematic data, with over 248 billion miles of driving data collected and 464,000 claims and insurance events analyzed. It also manages over 400,000 rentals a month.
Octo Telematics is 48.55% controlled by the Russian Renova group and 25% owned by its chairman Sir John Peace and the co-founder Fabio Sbianchi and 26.5% by the Pamplona private equity fund (see here a previous article by BeBeez). Renova had bought control of Octo Telematics in February 2014 from the Charme fund and its co-investors Amadeus Capital Partners and Keensight Capital, with the management that had invested for a 5% (see here a previous article by BeBeez). Subsequently Renova had sold a share to the Pamplona fund. While in April 2018 Mr. Peace and Mr. Sbianchi had increased their stake, buying a 20% participation from Renova, in order to make Octo Telematics independent from the Russian group and therefore not incurring the new sanctions imposed by the US against Russia and therefore also against Renova, which is controlled by the oligarch Viktor Vekselberg.
The deal carried out by the two managers took place only a month after the publication of the usual letter to the shareholders by Milan-listed investment company Tamburi Investment Partners, which in 2015 had bought an 8 million euros convertible bond issued by Tefindue spa, the company owned by Octo’s top managers. In that letter TIP had confirmed that the listing of the company was imminent(see here a previous article by BeBeez). However, since then there has been no more talks about an ipo. In the previous months rumors were of a valuation of around 1.2 billion for the group, based on the FY 2017 results being o239 million euros of consolidated revenues and an ebitda of 117 millions.
