Verdant IMAP announced that it acted as the sole financial advisor and arranger to Ctrack Holding on the successful closing of a $23.4 million equity raise for Ctrack Holdings.
The investment, led by Sanari Capital and 27four Investment Managers, both recognised leaders in South Africa’s investment space with strong B-BBEE credentials, 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 $14.4 million, and 27four Investment Managers, which invested $9 million.
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 across various industries, including logistics, construction, government, and insurance. It is now poised to scale its services seamlessly across Africa, the UK, Europe, Australia, and New Zealand.
Hein Jordt, Chief Executive Officer of Ctrack, noted that the 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,” stated Jordt. “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.
The participation of Sanari Capital and 27four Investment Managers underscores investor conviction in Ctrack’s growth trajectory and highlights the role of inclusive capital in building globally competitive technology businesses.
This transaction demonstrates Verdant IMAP’s ability to deliver complex, cross-border growth capital solutions in the technology and infrastructure sectors.
As the exclusive IMAP partner in the region, Verdant IMAP connects African businesses with international investors and strategic partners through IMAP’s global M&A advisory network, which spans over 50 countries.
The transaction further reinforces Verdant IMAP’s market position in key verticals of strength, including technology and mobility.
