ASI aquires majority stake in Estonian telematics firm
A majority owner will help develop the company more robustly, with product development and international expansion at the core of its strategy, said ASI CEO Toivo Annus. "Oskando has been delivering telematics solutions, including real-time vehicle tracking, mainly in Estonia. Now, we are looking to penetrate international markets as well," Annus said.
"With ASI as majority owner, we can tap into their product-development expertise to move faster than ever before," said Oskando CEO Indrek Hirvlaan. "We can adopt more ambitious strategies, as ASI is a long-term investor who is committed to helping secure Oskando's position on European markets."
Oskando's product range includes vehicle-based comfort, safety and security devices that use global satellite positioning and GSM technologies to track the cars' location. These devices are often used in luxury cars as well as rental fleets and have proved very effective in recovering stolen vehicles.
Founded in 1995, Tallinn, Estonia-based Oskando OÜ is a telematics solutions provider whose product range includes GSM and GPS-based comfort, security and tracking devices for vehicles and small boats. Its products are sold in Estonia, Latvia, Finland, Norway, Great Britain, the Netherlands, France and italy. The company employs 12 people.
Ambient Sound Investments
ASI is an investment group founded in 2003 by four Estonia-based founding engineers of Skype, the internet communication company. Oskando is ASI's second technology investment. In March 2006, the group invested 1.6 million euros in Clifton, an Estonian start-up which plans to mass-produce heat-resistant low-cost semiconductor switches for the electronics industry.
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CEO, Ambient Sound Investments