Tantalum restructure continues with Tracker sale
Tantalum has sold Tracker, its UK stolen vehicle recovery business, to CalAmp, as part of a larger programme of restructuring.
The sale follows Tantalum’s acquisition of Springworks, the Stockholm-based connected car software house, and is intended to help Tantalum deliver global connected car software and payments opportunities with its partners.
Tantalum is building the infrastructure to connect vehicles and their users to a global ecosystem. This ‘connectivity to payment’ ecosystem enables the in-car delivery and payment of services, from a network of service providers that can be used by individuals, cities, states, and private actors to access, for example, insurance, roadside assistance, parking, car pooling and fuelling.
Tantalum investor director, Lincoln Jopp of Disruptive Capital, said, ‘The sale of Tracker enables Tantalum to concentrate on rolling out world class software and payments via the world’s OEMs and Telcos. The sale made good strategic sense and good business sense. Combined with the sale of the fleet services from Tracker to Movil, it represents a healthy 8.1x return on our original investment from when we acquired Tracker from Direct Line in 2014.’
