HKW, a middle-market private equity firm focused on growth-oriented companies, announced that its portfolio company, Xirgo Technologies, LLC, has acquired assets and technology of Palo Alto, CA-based Owlcam.
The financial terms of the deal were not 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,” said 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.“
Xirgo Owlcam’s artificial intelligence (AI) technology delivers innovative driver monitoring and feedback, actuarial modeling, and actionable insights for companies looking to improve safety and reduce costs.
In 2019, Xirgo had acquired Baltic Car Equipment 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.
Xirgo is a provider of customized IoT solutions for various verticals, including insurance telematics, fleet management, asset tracking, monitoring & control, transportation logistics & mobility.