IGEN Networks Corp (IGEN) (IGN:CNX) has signed a non-binding memorandum of understanding to acquire the Mexican private corporation, Webtrack S.A. de C.V, an early pioneer of Stolen Vehicle Recovery (SVR) in Mexico, at the purchase price of $5 million. This recent development continues to demonstrate the company’s significant progress within the vehicle recovery sector.
Webtrack has developed sophisticated analytics tools for analyzing and reporting driver behavior, providing end-to-end GPS-based vehicle tracking and analytics services in Mexico.
Serving both Mexico’s consumer automotive and commercial fleet industry, the company supports over 15,000 assets and 300 customers that include The AXA Group, GNP Seguros, Autofin México, Ford, Ford Credit, and Lincoln.
“We believe the proposed acquisition of Webtrack will provide us with increased North American presence and expanded service offerings,” said Neil Chan, President and CEO of IGEN. “Mexico and the US are the largest new car markets in the Western Hemisphere, and it is projected that during the next five years they will account for a large part of the $1.6 trillion industry.”
IGEN’s Broad Platform of Offerings
IGEN Networks is an investor and manager of companies that provide cloud-based services through Machine-to-Machine device technologies. The company’s self-provisioning applications are used to manage and recover stolen assets, provide access to roadside assistance programs, and improve productivity of commercial fleets. In recent months, the company’s subsidiary, Nimbo LLC, set a newone-month sales record, reached Partner Relationship Management (PRM) status within the Verizon (VZ) Partner Program, and launched a new BHPH automotive wireless services platform.
For IGEN, 2015 has been defined by a number of major, positive developments. With no sign of stopping, IGEN is likely to continue their winning streak through strategic partnerships and innovative technologies. “The combination of Webtrack’s offerings with those of our growing subsidiary Nimbo LLC will provide us with a broad platform of service offerings to address this growing market,” said Chan. “It’s also consistent with the strategy we have been communicating to our investors of creating shareholder value through growth of our existing business combined with creating or acquiring best-in-class solutions that will help us grow globally.”
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