Renova Group of companies has acquired 100 percent of shares in Octo Telematics from structures associated with the Italian group Montezemolo & Partners and its co-investors, Amadeus Capital Partners and Keensight Capital. Octo Telematics is an insurance telematics services company. The company also developed a range of specialist applications for insurance and transport companies to optimize fleet management.
Renova said the current management team will continue to manage the company. Finalizing the transaction is subject to obtaining all necessary authorizations from antitrust authorities.
Renova added that special focus will be given on the penetration of Octo Telematics’ technologies into the Russian market, where it is unique and can provide synergy in collaboration with the Russian satellite navigation system, GLONASS. Renova Group is following a gradual transition to investments in high-tech and innovative sectors.
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