Middle-market private equity firm HKW’s portfolio company, Xirgo Technologies (Xirgo), has acquired assets and technology of Palo Alto-based Owlcam. Financial terms of the transaction have not been disclosed.“We are excited about adding Owlcam’s technology to the Xirgo product portfolio and the immediate impact it’s going to bring to our enterprise customer base,” says Shawn Aleman, CEO of Xirgo. “Delivering AI camera technology with our existing vehicle telematics products was already part of Xirgo’s short-term road-map and strategic vision. The addition of Owlcam technology has allowed us to accelerate that vision, putting us significantly ahead of our original timelines.”
Owlcam’s artificial intelligence (AI) technology delivers innovative driver monitoring and feedback, actuarial modelling, and actionable insights that are of great importance to companies looking to improve safety and reduce costs. We believe Owlcam’s technology can minimise incidents involving poor driver behavior, reduce accidents, and associated insurance claims.
“The intellectual property associated with Owlcam’s products as well as related AI technology fits well with Xirgo’s current portfolio,” says Luke Phenicie, HKW’s Lead Transaction Partner. “We have confidence in Xirgo’s leadership by leveraging AI camera technology to increase market penetration in the vehicle telematics space. We appreciate the opportunity to continue supporting Xirgo as part of HKW’s ongoing interest in companies focused on IoT.”
In 2019, Xirgo had acquired Baltic Car Equipment (BCE) based in Kaunas, Lithuania. BCE is a provider of fleet management solutions for light vehicles, trucks, heavy machinery, and agricultural equipment. The acquisition has allowed Xirgo to establish a European footprint improving access to Europe, the Middle East, and Africa.
