Amadeus, Montezemolo sell Octo Telematics for €405m

The transaction, which also saw Keensight Capital exit the firm, is subject to regulatory approvals.

Renova is a private Russian business group with assets in metallurgy, mining, chemicals, construction, transport, energy, telecommunications, engineering, utilities, medicine and finance.

The group is increasingly focused on high-tech investments and moving away from the resources sector. The buyer will continue to expand Octo Telematics' international business, particularly in emerging markets. 

Previous funding 
In 2010, Montezemolo, Amadeus and Keensight, then R Capital Management, bought a 60% stake in Octo Telematics, according to unquote" data. Montezemolo committed capital from the Charme II fund, a 2009 buyout vehicle. 

Company 
Founded in 2002 as a spinout of MetaSystem Group and based in Rome, Octo Telematics develops specialist telematics applications for insurance and transport companies. Its products are designed to reduce the risk of fraud and improve fleet management. 

Turnover for 2013 is expected to exceed €120m, up from €50m in 2009. The company has operations in the UK, the US, Germany, Canada, South Africa and other markets. 

People
Andrea Traversone is a partner at Amadeus and worked on the deal.  

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• Topics
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