AZOUR, Israel, January 16, 2018 /PRNewswire/ --
Ituran Location and Control Ltd. (NASDAQ: ITRN), today announced that following an investment round in one of its early stage mobility technology holdings, Bringg, Ituran will realize an additional non-cash capital gain in 2017 of approximately $2 million. In early 2017, Ituran recognized a capital gain from Bringg of $2.3 million. Following the current investment round, Ituran holds 25% of Bringg and remains its largest shareholder.
Bringg, is a leading customer-centric Software As A Service delivery logistics platform for enterprises. Bringg's platform is used by leading retail, ecommerce, food, services and logistics providers in over 50 countries, including some of the world's best-known brands such as Coca-Cola, Kimberly Clark, Panera Bread, Cdiscount and Hilti. Bringg's technology enables customers to digitize their entire supply chain - creating a competitive delivery ecosystem that focuses on end-to-end operational efficiency and very positive customer experiences.
Bringg announced the successful raise of $12 million in an additional funding round from leading strategic partners including automotive leader Dr. Shmuel Harlap, shipping and real estate magnate Eyal Ofer, and Salesforce Ventures. Aside from Ituran, the company has received earlier investments from Aleph VC, Cambridge Capital, Coca-Cola and Pereg Ventures. Bringg plans to leverage the new funding to address the growing demand for its solution by increasing its international reach and sales efforts.
Eyal Sheratzki, CEO of Ituran, commented "Part of Ituran's strategy is to become a leader in tomorrow's mobility technology. Part of this effort includes investing in those companies which are building disruptive technologies and solutions, and which will likely become global leaders in future. We believe that Bringg is one of those companies, founded by impressive entrepreneurs with many previous successes. Since our initial founding investment in 2013, Bringg has made significant progress with sales to many top-tier global companies, in addition to attracting capital from some leading investors. Our most recent capital gain from Bringg, our second in just over a year, shows that our early stage technology investment strategy is very much heading in the right direction and has already been producing strong rewards."
Bringg is a leading customer-centric logistics solution for enterprises, with customers in more than 50 countries including some of the world's best-known brands. Using a powerful SaaS platform, companies in the retail, food, CPG, logistics and services industries can achieve logistical excellence across their complex delivery ecosystems - from management at headquarters, through operations in the field, and all the way to the customers who are at the heart of the entire operation. Bringg provides its customers with strategic value by helping them create optimal delivery experiences and streamline their operations for peak efficiency, all in real-time. For more information and to request a demo, please visit Bringg's website at http://www.bringg.com.
Ituran is a leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. Ituran offers Stolen Vehicle Recovery, fleet management as well as mobile asset location, management & control services for vehicles, cargo and personal security. Its products and applications are used by customers in over 20 countries.
Ituran's subscriber base has been growing significantly since the Company's inception to over 1 million subscribers using its location based services with a market leading position in Israel and Brazil. Established in 1995, Ituran has over 1,500 employees worldwide, with offices in Israel, Brazil, Argentina and the United States.
For more information, please visit Ituran's website, at: http://www.ituran.com
Udi Mizrahi (email@example.com)
VP Finance, Ituran
International Investor Relations
Ehud Helft (firstname.lastname@example.org)
GK Investor & Public Relations
SOURCE Ituran Location and Control Ltd