XIRGO Technologies Announcement

HKW’s Xirgo Technologies Acquires Owlcam Assets

INDIANAPOLIS, March 12, 2020 – HKW, a middlemarket private equity firm focused on growth-oriented companies, today announced its portfolio company, Xirgo Technologies, LLC (“Xirgo”), has acquired assets and technology of Palo Alto-based Owlcam. Financial terms of the transaction were not disclosed.

“We are excited about adding Owlcam’s technology to the Xirgo product portfolio and the immediate impact it’s going to bring to our enterprise customer base,” said Shawn Aleman, CEO of Xirgo. “Delivering AI camera technology with our existing vehicle telematics products was already part of Xirgo’s short-term road-map and strategic vision. The addition of Owlcam technology has allowed us to accelerate that vision, putting us significantly ahead of our original timelines.”

Owlcam’s artificial intelligence (AI) technology delivers innovative driver monitoring and feedback, actuarial modeling, and actionable insights that are of great importance to companies looking to improve safety and reduce costs. We believe Owlcam’s technology can minimize incidents involving poor driver behavior, reduce accidents, and associated insurance claims.

“The intellectual property associated with Owlcam’s products as well as related AI technology fits well with Xirgo’s current portfolio,” said Luke Phenicie, HKW’s Lead Transaction Partner. “We have confidence in Xirgo’s leadership by leveraging AI camera technology to increase market penetration in the vehicle telematics space. We appreciate the opportunity to continue supporting Xirgo as part of HKW’s ongoing interest in companies focused on IoT.”

In 2019, Xirgo had acquired Baltic Car Equipment (“BCE”) based in Kaunas, Lithuania. BCE is a provider of fleet management solutions for light vehicles, trucks, heavy machinery, and agricultural equipment. The acquisition has allowed Xirgo to establish a European footprint improving access to Europe, the Middle East, and Africa.

About Xirgo
Xirgo is a provider of customized IoT solutions for various verticals, including insurance telematics, fleet management, asset tracking, monitoring & control, transportation logistics & mobility. More information regarding Xirgo is available at xirgotech.com.

About HKW
HKW is a private equity firm investing in growth-oriented companies with talented management teams in the US and Canada. HKW targets small to mid-size companies in the Business Services and Health & Wellness sectors. Since 1982, HKW has sponsored 62 platform transactions of lower middle-market companies throughout North America, as well as 68 add-on acquisitions.

For more information on HKW, please visit hkwinc.com.
Media Contact: Jeremy Milner jeremy.milner@backbaycommunications.com (617) 391-0773

 

 

Xirgo Technologies, LLC acquires Baltic Car Equipment (BCE)

In June 2019, Near Earth LLC announced that Xirgo Technologies, LLC an affiliate of its client HKW, entered into a definitive agreement to acquire Baltic Car Equipment (“BCE”), and its subsidiaries. Based in Kaunas, Lithuania, BCE provides a wide range of telematics devices for vehicles and other applications. In addition, it operates a SaaS based telematics application platform in local markets. BCE has over 90 employees and offers its products and services in over 90 countries.  BCE will begin operating under the brand, Xirgo Global. http://www.xirgoglobal.com

Shawn Aleman, CEO of Xirgo Technologies stated, “This acquisition is part of Xirgo’s strategic growth plan to expand its reach into the European market and beyond. The BCE acquisition provides a complimentary product portfolio to Xirgo’s existing product lines, additional engineering talent that will accelerate new product development and an expanded sales team that will focus on growing sales in new and emerging markets.“

Xirgo Technologies develops and manufactures innovative IoT solutions. Xirgo’s asset-monitoring products are proven in verticals throughout the world where customization and scalability are essential requirements for client success.  Xirgo has provided world-class solutions in the realm of telematics, fleet management, heavy equipment, asset tracking, usage based driving, high-risk vehicle finance, cold chain, and rental applications. Xirgo delivers a high-value set of custom products for our partners, and a comprehensive product line that is sold through direct and indirect channels. More information regarding Xirgo is available at http://www.xirgo.com/

About HKW – HKW is a private equity firm investing in growth-oriented companies with talented management teams in the US and Canada. HKW targets small to mid-size companies in the Business Services and Health & Wellness sectors. Since 1982, HKW has sponsored 60 platform transactions of lower middle-market companies as well as 64 add-on acquisitions. For more information on HKW, please visit https://www.hkwinc.com/

About Near Earth LLC – Near Earth is a specialized investment bank serving the satellite, aerospace and M2M telematics sectors. Near Earth offers its clients a portfolio of services including mergers and acquisitions advisory for buyers and sellers, private placements, valuations and financial consulting services. More information about Near Earth is available at http://nearearthllc.com/

Xirgo Technologies News

We’re excited to be a part of #MWC19 Los Angeles. Come and meet our Xirgo Technologies, LLC team at the Gurtam mega booth No. S.2334

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Xirgo Technologies provides application-specific products which facilitate powerful industry solutions.

 

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