Tue | Aug 9, 2022

ICD exits Amber Connect investment

Published:Sunday | May 8, 2022 | 12:07 AM

Amber Group has reacquired the 32.5 per cent stake in Amber Connect sold to the ICD Group six years ago, reclaiming full ownership.

The cost of the transaction was not disclosed.

“It is a multiple, for sure, but we can’t say how much,” said Amber founder and CEO Dushyant Savadia.

“At the time when nobody believed in us, they did. They came in to help us in 2016 at a time when we needed the funding to grow. This really helped us to scale up, and we respect that,” he said.

With the sale of the shares, ICD Group Chairman Joseph Matalon will step down as Amber Connect’s chairman.

“We invested when the business was in its formative stages. Since then, it has expanded internationally and attracted other interested parties,” said ICD Group CEO Peter Melhado.

“We felt it was the right time to exit given our priorities at ICD,” he said.

Amber Connect, which provides 40 per cent of Amber Group revenue, is a provider of vehicle tracking technology that launched operations in Jamaica. It has since expanded to multiple markets, including the United States, Canada, South Africa, and New Zealand, providing services to companies in the electronics, security and automotive industries.

Its growth push continues with the US and Africa as primary targets.

“Over the last few years we’ve significantly expanded Amber Connect globally. The deal with Petra Industries that will significantly give us the scale we want in the United States even as we continue growth in Africa,” Savadia said.

Amber Connects products will be handled by Petra, which distributes over 900 leading technology brands, he added.

The company is next looking to develop a dashcam for additional monitoring inside and outside vehicle cabins by fleet managers.

“If a driver gets fatigued, is falling asleep, or even closes his eyes or even if he is not wearing his seatbelt, the software recognises all those behaviours, alerting the fleet manager in real time to avert the danger,” Savadia said.

neville.graham@gleanerjm.com