SANTA MONICA, Calif.--(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.