Octo was an early pioneer in the telematics sector in Italy and offers solutions for insurance and transport companies. When Amadeus invested in 2010, alongside Montezemolo & Partners, the company’s turnover was some â‚¬50m. Turnover for 2013 is expected to exceed â‚¬120m, with eight out of the world’s largest car insurers as Octo clients.
The company is profitable and has expanded its business since 2010 into the United Kingdom, the USA, Germany, Canada, South Africa and other markets.
Renova Group is a major private Russian business group which owns and manages assets in metallurgy, mining, chemical, construction, transport, energy, telecommunications, high-tech engineering, public utilities, medical and financial sectors in Russia and abroad.
Viktor Vekselberg, Chairman of the Board of Directors of Renova Group, said: "We believe in Octo Telematics and in its huge market potential, including in Russia. This purchase perfectly matches the strategy of Renova Group, which involves a gradual transition to investments in high-tech and innovative sectors and exit from the resources sector".