Radius confirmed today that it had completed the acquisition of CanTrack, the UK’s leading Stolen Vehicle Recovery (SVR) telematics business. CanTrack protects high value vehicles and assets worth over half a billion pounds in total, using its unique software platform, combined with an in-house investigations unit. They also have a rapidly growing live tracking business that complements the SVR division and makes them a perfect partner for many of the leading vehicle manufacturers. Based in Milton Keynes, they have their own software development team that is constantly improving their newly released “Osprey” platform, to keep it at the cutting edge of this exciting technology.
Bill Holmes, the Radius CEO, commented “Peter and his team have built a really great business over the last 17 years and have a strong customer base that includes some prestigious accounts. This acquisition further strengthens our telematics division as we continue with our plan to build a product set that is unparalleled in the global marketplace. We are really looking forward to working with Peter and his team to continue their success and start rolling out their products across the growing Radius SME customer base both in the UK and our other markets.”
Peter Thompson, Managing Director of CanTrack, commented “Our growth in recent years has been exceptional and we’ve been considering partnering with a larger global player for some time as our clients’ needs become more complex. We had no shortage of suitors, but Radius clearly stood out to us as the best fit. They’re an incredibly exciting company, full of passionate people who have a track record in sustainable growth and delivering on objectives. Culturally, there was a strong alignment, which was incredibly important to us. We’re also proud to be part of a British success story, which is now one of the world’s top five businesses in our space. The entire senior team at CanTrack, including myself, will be staying on and we’re excited to bring the wider product portfolio to our clients.”