Balmoral Funds Acquires Xirgo Technologies, Former Sensata Insights Business Unit
30 Septiembre 2024 - 11:32AM
Business Wire
An affiliate of Balmoral Funds LLC has successfully acquired and
rebranded Sensata Technologies' (NYSE: ST) Insights business unit
as Xirgo Technologies. This strategic move establishes Xirgo as an
independent leader in IoT solutions, primed for accelerated growth
and innovation.
Chris Wolfe, an IoT industry veteran with extensive leadership
experience, including roles as CEO of PowerFleet and President of
OmniTRACS, has been appointed CEO of Xirgo Technologies.
Xirgo Technologies is renowned for its advanced IoT solutions,
including Xirgo-branded vehicle and asset telematics hardware,
SmartWitness AI driver cameras, and Elastic M2M enterprise-class
software. These solutions empower telematics service providers and
their customers to tackle complex real-world IoT challenges
effectively.
"We are thrilled to lead Xirgo Technologies into its next phase
of growth, building on its impressive legacy of customer-focused
innovation," said Chris Wolfe. "Xirgo's commitment to creating
exceptional industrial-grade IoT products, coupled with their
exceptional customer service, has enabled over 900 global channel
partners to thrive, deploying more than 1.6 million devices per
year and generating tens of millions in annual service revenues.
Looking ahead, we see tremendous potential for Xirgo's solutions in
the rapidly expanding IoT and AI video markets. With Balmoral's
support, we are poised to significantly enhance the value
proposition for our customers, employees, vendors, and
partners."
Clay Baker, Board Member of Xirgo Technologies and Vice
President at Balmoral, added: "As an independent entity, Xirgo is
now positioned to focus on what it does best - delivering
cutting-edge AI enabled IoT solutions. We're committed to not only
serving our existing customer base with continued excellence but
also to expanding our reach to new customers embarking on their IoT
journeys. The market can expect a renewed, acute focus on
innovation and customer service."
This acquisition allows Xirgo Technologies to leverage its
strong foundation in IoT technology while benefiting from
Balmoral's strategic guidance and resources. The partnership is
expected to drive significant advancements in product development
and market expansion, particularly in the burgeoning IoT and AI
video sectors.
Balmoral Funds plans to invest substantially in Xirgo
Technologies’ operations, emphasizing research and development,
market presence expansion, and maintaining and improving the
high-quality customer service that has been a hallmark of Xirgo's
success.
About Balmoral
Balmoral is a Los Angeles, CA based private equity fund that was
founded in 2005. Balmoral’s objective is to be the financial
partner of choice for entrepreneurial and successful C-suite
executives and operating advisors creating transformative,
revitalizing change in the businesses they co-invest in together.
Balmoral has approximately $1.3 billion of assets under management.
Balmoral typically invests in companies that have revenues between
$30 to $500 million and require equity investments of $10 to $120
million, with the capability of doing more in particularly
compelling opportunities.
About Xirgo Technologies:
Xirgo Technologies delivers industry leading vehicle and asset
telematics hardware, software and support solutions, globally.
Xirgo’s deep expertise in telematics, industrial quality connected
devices, and cutting-edge artificial intelligence, empowers fleet
operators with actionable insights that drive safety, efficiency,
and operational intelligence across industries. Xirgo serves over
900 global channel partners that supply IoT solutions to many
companies in the Fortune 100. Xirgo Technologies is based in
Schaumburg, Il and has offices across the globe. For more
information, email pr@xirgo.com or call +1 224 331 0772.
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version on businesswire.com: https://www.businesswire.com/news/home/20240930838244/en/
Robin Nourmand (310) 473-3684
Sensata Technologies (NYSE:ST)
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