Inseego Corp Completes Sale of Telematics Business for $52 Million in Cash

On November 27, 2024, Inseego Corp. (NASDAQ: INSG) concluded the sale of its telematics business in accordance with the Share Purchase Agreement dated September 16, 2024, with Light Sabre SPV Limited. The Sale Transaction involved the acquisition by Ctrack Holdings of Inseego International Holdings Limited for $52 million in an all-cash deal, encompassing fleet management and telematics operations across the United Kingdom, Europe, Australia, and New Zealand.

This strategic move enabled Inseego to sharpen its focus on enhancing growth in its core 5G domestic business while raising capital for restructuring and debt repayment. Notably, a portion of the proceeds from the telematics business sale was utilized to settle the outstanding $6 million balance under the Loan and Security Agreement executed on June 28, 2024, with South Ocean Funding, LLC, and other related entities.

The completion of the telematics business divestiture was officially announced by Inseego through a press release on December 2, 2024. Philip Brace, the Executive Chairman of Inseego, expressed satisfaction with the transaction, highlighting its significance in realigning the company’s operational focus. The move is anticipated to support the acceleration of growth initiatives within the core 5G business segment.

In addition to the successful transaction, Inseego also released its unaudited pro forma financial information, which includes an Unaudited Pro Forma Condensed Consolidated Balance Sheet as of September 30, 2024, and Unaudited Pro Forma Condensed Consolidated Statements of Operations for the years ended December 31, 2023, and 2022.

The Sale Transaction and its impact were further detailed in Exhibit 99.1 attached to the Form 8-K filing. The press release related to the completion of the transaction was also shared as Exhibit 99.2, emphasizing the Company’s commitment to moving forward with strategic clarity and financial strength.

Inseego Corp. (NASDAQ: INSG) is recognized as a leading provider of 5G Enterprise cloud WAN solutions, catering to millions of end customers along with numerous enterprise and SMB clients on its 4G, 5G, and cloud platforms. The company’s 5G Edge Cloud offers cutting-edge 5G technology, advanced cloud networking features, and intelligent edge applications, facilitating enhanced business connectivity and operational efficiency over 5G networks.

For more information about Inseego Corp., visit www.inseego.com. #Putting5GtoWork

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Inseego’s 8K filing here.

Inseego Company Profile

Inseego Corp. engages in the design and development of cloud-managed wireless wide area network (WAN) and intelligent edge solutions for businesses, consumers, and governments worldwide. The company provides 5G and 4G mobile broadband solutions, such as mobile hotspots under the MiFi brand; and 4G VoLTE products and 4G USB modems.