Insurance telematics developer Xirgo bought by private equity firm
Xirgo Technologies, producer of telematics for tracking remote assets and workers, has been sold to private equity company Hammond Kennedy Whitney for an undisclosed sum. California-based Xirgo develops interfaces for telematics in insurance, logistics and other markets. The company's management team co-invested in the deal alongside HKW. Near Earth was the financial and strategic adviser to Xirgo for the transaction; an investment bank specialising in the satellite, aerospace and M2M telematics sectors.

Xirgo Technologies, Inc., a developer of wireless telematics modules for tracking, monitoring, protecting and controlling remote assets and workers has been sold to an affiliate of Hammond Kennedy Whitney (HKW), a middle market private equity (PE) firm. Terms of the deal have not been disclosed.

Based in Camarillo, California, Xirgo’s custom products provide a range of interfaces and connectivity options for large telematics deployments in insurance, logistics and other rapidly growing markets. The management team of Xirgo co-invested alongside HKW in the transaction.

Near Earth LLC was the exclusive financial and strategic advisor to Xirgo Technologies Inc. for this transaction. John Stone, director of Near Earth’s Machine-to-Machine (M2M) sector practice remarked, “This transaction marks our ninth successful engagement serving leading M2M companies and their investors. With over 4 million Xirgo devices in the field, this transaction demonstrates Near Earth’s capabilities for executing substantial transactions for our clients. We are pleased about extending our role in this growing and rapidly evolving industry.”

Near Earth is a specialised 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.

Comment on this article below or via Twitter: @IoTNow_ OR @jcIoTnow