Innova Capital sells its stakes in Inelo Group to Eurowag
Innova Capital, a leading private equity firm in CEE has signed an agreement with Eurowag to sell a 100% stake in Inelo Group, a leading provider of integrated IT solutions for heavy-duty transport in the CEE region. In doing so, Eurowag, a leading pan-European integrated payments & mobility platform focused on the Commercial Road Transportation industry ("CRT"), is expanding its portfolio to encompass a leading provider of advanced working time and fleet management solutions with a presence in 16 European markets and roughly doubling its telematics device base. The deal, worth in excess of EUR 300 million, opens up new opportunities for Inelo Group in the European CRT market, with Martin Vohánka, Eurowag's founder and CEO, stressing that the acquisition will accelerate the development of its fully integrated digital end-to-end platform, helping to make the CRT industry cleaner, fairer and more efficient.
Inelo Group is an international leader in CRT solutions. Present in more than a dozen European markets, for 20 years the company has been supplying the TSL sector with digital solutions in the fields of GPS satellite location software (driver vehicle tracking, routing, and vehicle monitoring) and driver time analysis and calculation software. In the last few years, Inelo Group, operating within the framework of the Innova Capital fund, has made four strategic acquisitions: NUSS, Marcos Bis, CVS Mobile, and FireTMS. This has enabled Inelo to continue its dynamic growth and evolve from a local company into a leader in CRT in the CEE region.
Today, approximately 87,000 vehicles have Inelo telematics devices installed and approximately 100,000 drivers use the driver time tracking software, with nearly 60,000 drawing on the OCRK service. On top of that, the Polish company supplies 43 inspection offices in 23 countries with tools to run checks on international road transport.
“We are capitalising on the wave of digitalisation sweeping across the CRT sector and this potential has been recognised by Eurowag Group. I am delighted that, by partnering with Eurowag, we will be able to continue developing our one-stop-shop for commercial road transport across Europe and, by joining forces with a pan-European leader, accelerate growth,” says Magdalena Magnuszewska, Inelo Group’s CEO.
The acquired acquisition strengthens the position of Eurowag in Poland, i.e. in a country that also has the largest transport fleet in the entire EU and is a leader on the European market of commercial road transport. In addition, it enables Eurowag to expand geographically, among others to Slovenia, Croatia, and Serbia, and provides software for public services in 23 EU countries to oversee the CRT industry.
“This strategically important transaction not only brings additional scale to Eurowag, it also takes us significantly closer to achieving our ambition of delivering a fully integrated, digital end-to-end platform for customers in the commercial road transportation sector. Inelo adds approximately 87,000 connected trucks to our network and solidifies our position as a leading provider of fleet management solutions to the CRT industry in the CEE region. Importantly, it also adds exciting new products to our platform in working time management solutions, which provide mission critical services to customers and drive excellent customer retention. We look forward to welcoming Magdalena, Mikolaj and their team to Eurowag and working with them as we continue to expand our digital end-to-end platform.” says Eurowag’s Martin Vohánka.
Inelo under the wings of Innova – 4 years of cooperation
“We are honoured to have contributed our experience and participated financially in Inelo’s transformation from a local business to a leading player in the field of transport technology in CEE. During our ownership, Inelo has made four additional acquisitions and significantly expanded both its product portfolio and geographical footprint. The company is successfully implementing a one-stop-shop strategy, leveraging its robust technological capabilities to offer best-in-class products to customers across 16 European markets,” says Krzysztof Kulig, Senior Partner at Innova Capital. “We are very pleased that after almost five years of partnership, Inelo will now have the opportunity to continue its rapid growth as part of Eurowag. We believe that a lot more success lies ahead for the Inelo team. We would like to thank them, and especially Magdalena Magnuszewska, the company’s CEO, for our very productive and successful cooperation,” he adds.
Eurowag was founded in 1995 and is a leading pan-European integrated payments & mobility platform focused on the Commercial Road Transportation industry. Eurowag's innovative solutions make life simpler for small and medium businesses in the CRT industry across Europe through its unique combination of payments solutions, seamless technology, a data-driven digital ecosystem, and high-quality customer service.
About Inelo Group
Inelo Group is a leading Polish company, for over 20 years providing SMEs and transport market leaders with TSL industry-focused digital solutions in the field of satellite vehicle location systems and software for analysing and settlement of drivers' working time. With its wide product base, implementing the one stop shop strategy, it has become a business partner for 10,000 transport and logistics companies. Inelo Group also offers a wide exposure to integrated technological solutions with particular emphasis on Work Time Management for foreign markets, including SaaS-based Tachoscan Web. Moreover, the Polish brand provides 42 enforcement authorities in 23 countries with tools for international road transport control.