HKW-backed Xirgo Technologies acquired assets and technology of Silicon Valley-based Owlcam. Owlcam provides driver monitoring and feedback through artificial intelligence technology. Xirgo in 2019 acquired Baltic Car Equipment, which allowed the company to established a European presence.
HKW, a middle-market private equity firm focused on growth-oriented companies, today announced its portfolio company, Xirgo Technologies, LLC (“Xirgo”), has acquired assets and technology of Palo Alto-based Owlcam. Financial terms of the transaction 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.”
Owlcam’s artificial intelligence (AI) technology delivers innovative driver monitoring and feedback, actuarial modeling, and actionable insights that are of great importance to companies looking to improve safety and reduce costs. We believe Owlcam’s technology can minimize 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,” said 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.
Xirgo is a provider of customized IoT solutions for various verticals, including insurance telematics, fleet management, asset tracking, monitoring & control, transportation logistics & mobility. More information regarding Xirgo is available at xirgotech.com.
HKW is a private equity firm investing in growth-oriented companies with talented management teams in the US and Canada. HKW targets small to mid-size companies in the Business Services and Health & Wellness sectors. Since 1982, HKW has sponsored 62 platform transactions of lower middle-market companies throughout North America, as well as 68 add-on acquisitions. For more information on HKW, please visit hkwinc.com.