What was the revenue growth rate for Inseego's IoT and Mobile Solutions business in Q4 2020 compared to Q3 2020? 
r geographic expansion and revenue concentration. As noted earlier by Dan, we announced the number of new wins with leading international and domestic carriers.
These initial returns come after investing in long sales cycles and will help us diversify our revenue into fast growth markets. Second, is our focus on building industry-leading products. Despite the early nature of the 5G market, Inseego continues to be on the forefront of product development. We recently added a significant number of products to our portfolio, including a suite of fixed wireless access points. We will continue to push the boundaries to better serve our customers' needs. Third is our focus on software platforms. We believe that a great deal of our future success will be driven by our ability to differentiate ourselves within our software platform, Inseego Manage, which was announced during the quarter.
We realized a while ago that it was critical to build a cloud-based management and security platform that allowed IT teams to manage our products in a ubiquitous computing environment, which leads me to our fourth and final point, penetration of the enterprise. With the growth of 5G comes new connectivity needs that require advanced solutions. And we believe that is a natural extension of our R&D DNA to build comprehensive platforms for the enterprise. Building the products is actually the easy part. And we made several announcements during the quarter. The real focus for us was expanding our relationships with the system integrators and other go-to-market partners and making sure we'll have the right value proposition for customers.
One major development for us was the repackaging of our full offering into recurring revenue pay-as-you-go model we call Inseego Select, which we believe will be commercially aligned with our enterprise customers. With that, let's review our results for the fourth quarter. Net revenue of $86.1 million, down 4.6% sequentially and up 64.5% year-over-year. It should be noted the quarter included several initial stocking orders from the previously mentioned new customers. Turning to our business units, fourth quarter, IoT and Mobile Solutions revenue was $72.1 million, down 6.8% from the third quarter. We saw relatively stable demand for our legacy 4G products and received a series of stocking orders for a group of new customers. We are encouraged by our 5G revenue mix, which trended up during the quarter.
Our Inseego Manage software continues to grow rapidly with the number of subscriptions increasing 18% quarter-over-quarter and is up 231% year-over-year. Fourth quarter Enterprise SaaS solutions revenue was $14 million, up $8.3 million from the prior quarter. For this line of business, COVID restrictions continue to have an impact on our ability to install our solutions in the field, thus impacting some of our bookings. We continue to monitor all of the counties' COVID developments very closely and expect some improvements over the coming periods. Additionally, the South African rand, which is our largest FX exposure versus the US dollar has continued to trend positively during the quarter. At the beginning of the quarter, the dollar-rand exchange rate was 16.8 and we ended the quarter with the rate at 14.6.
It has been a roller coaster of a year for this exchange rate and thankfully we will no longer have this complication after we close the sale of the South African Ctrack business unit in the second quarter. We closed the quarter with a cash balance of $40 million. With our new products and customers coming to market we expect inventory to continue to increase and we will not have a sense of expected run rate from these new customers for several quarters. From this point forward, I'll focus on non-GAAP measures. A reconciliation from GAAP to non-GAAP is detailed in our earnings release. For the IoT and Mobile Business, gross margins were 25.6% for the quarter, up approximately 160 basis points compared to last quarter and up 880 basis points versus the same period a year ago.
We continue to work on a series of initi
r geographic expansion and revenue concentration. As noted earlier by Dan, we announced the number of new wins with leading international and domestic carriers.
These initial returns come after investing in long sales cycles and will help us diversify our revenue into fast growth markets. Second, is our focus on building industry-leading products. Despite the early nature of the 5G market, Inseego continues to be on the forefront of product development. We recently added a significant number of products to our portfolio, including a suite of fixed wireless access points. We will continue to push the boundaries to better serve our customers' needs. Third is our focus on software platforms. We believe that a great deal of our future success will be driven by our ability to differentiate ourselves within our software platform, Inseego Manage, which was announced during the quarter.
We realized a while ago that it was critical to build a cloud-based management and security platform that allowed IT teams to manage our products in a ubiquitous computing environment, which leads me to our fourth and final point, penetration of the enterprise. With the growth of 5G comes new connectivity needs that require advanced solutions. And we believe that is a natural extension of our R&D DNA to build comprehensive platforms for the enterprise. Building the products is actually the easy part. And we made several announcements during the quarter. The real focus for us was expanding our relationships with the system integrators and other go-to-market partners and making sure we'll have the right value proposition for customers.
One major development for us was the repackaging of our full offering into recurring revenue pay-as-you-go model we call Inseego Select, which we believe will be commercially aligned with our enterprise customers. With that, let's review our results for the fourth quarter. Net revenue of $86.1 million, down 4.6% sequentially and up 64.5% year-over-year. It should be noted the quarter included several initial stocking orders from the previously mentioned new customers. Turning to our business units, fourth quarter, IoT and Mobile Solutions revenue was $72.1 million, down 6.8% from the third quarter. We saw relatively stable demand for our legacy 4G products and received a series of stocking orders for a group of new customers. We are encouraged by our 5G revenue mix, which trended up during the quarter.
 Our Inseego Manage software continues to grow rapidly with the number of subscriptions increasing 18% quarter-over-quarter and is up 231% year-over-year. Fourth quarter Enterprise SaaS solutions revenue was $14 million, up $8.3 million from the prior quarter. For this line of business, COVID restrictions continue to have an impact on our ability to install our solutions in the field, thus impacting some of our bookings. We continue to monitor all of the counties' COVID developments very closely and expect some improvements over the coming periods. Additionally, the South African rand, which is our largest FX exposure versus the US dollar has continued to trend positively during the quarter. At the beginning of the quarter, the dollar-rand exchange rate was 16.8 and we ended the quarter with the rate at 14.6.
It has been a roller coaster of a year for this exchange rate and thankfully we will no longer have this complication after we close the sale of the South African Ctrack business unit in the second quarter. We closed the quarter with a cash balance of $40 million. With our new products and customers coming to market we expect inventory to continue to increase and we will not have a sense of expected run rate from these new customers for several quarters. From this point forward, I'll focus on non-GAAP measures. A reconciliation from GAAP to non-GAAP is detailed in our earnings release. For the IoT and Mobile Business, gross margins were 25.6% for the quarter, up approximately 160 basis points compared to last quarter and up 880 basis points versus the same period a year ago.
We continue to work on a series of initi