Verdant IMAP advises Ctrack on USD 23.4 million equity raise to fuel global expansion
Verdant IMAP has announced its role as the sole financial advisor and arranger for Ctrack Holdings in the successful closing of a USD 23.4 million (ZAR 406 million) equity raise. The investment was led by Sanari Capital and 27four Investment Managers, both recognized leaders in South Africa’s investment landscape with strong B-BBEE credentials.
This funding will support Ctrack’s continued international expansion following its acquisition of Inseego’s global telematics business.
Strategic investment drives global consolidation
The funding came from Sanari’s 3S Growth Fund, which invested USD 14.4 million (ZAR 250 million), and 27four Investment Managers, which contributed USD 9 million (ZAR 156 million).
This transaction reunifies Ctrack’s global business. In 2021, Convergence Partners acquired Ctrack’s Africa and Middle East operations from Inseego. In 2024, Ctrack completed the acquisition of Inseego’s remaining international telematics operations across Europe, Australia, and New Zealand.
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With this new capital injection, Ctrack is consolidating its platform, technology, and customer base into a single global structure.
Ctrack’s Crystal platform provides predictive telematics insights for sectors including logistics, construction, government, and insurance. The company is now positioned to scale its services seamlessly across Africa, the UK, Europe, Australia, and New Zealand.
Leadership and investor perspectives
“This reunification is a defining milestone in Ctrack’s history,” said Hein Jordt, Chief Executive Officer of Ctrack. “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.”
The participation of Sanari Capital and 27four Investment Managers underscores investor confidence in Ctrack’s growth strategy. It also highlights the role of inclusive capital in building globally competitive technology companies.
This deal demonstrates Verdant IMAP’s ability to execute complex, cross-border growth capital solutions in technology and infrastructure. As the exclusive IMAP partner in the region, Verdant IMAP connects African businesses to international investors and strategic partners through IMAP’s global M&A network spanning over 50 countries.
The transaction strengthens Verdant IMAP’s market position in technology and mobility verticals.
