Verdant IMAP has acted as sole financial advisor and arranger to Ctrack Holding on the successful closing of a $23.4m (ZAR 406m) equity raise for Ctrack Holdings. 

The investment, led by Sanari Capital and 27four Investment Managers, 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 $14.4m (ZAR 250m), and 27four Investment Managers, which invested $9m (R156m).

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, said: “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.”