Radius has acquired CanTrack Global, a leading Stolen Vehicle Recovery (SVR) telematics business, as part of an ongoing expansion programme.
Founded by managing director Peter Thompson in 2004, CanTrack protects high-value vehicles and assets worth over half a billion pounds in total, using its unique software platform, combined with an in-house investigations unit. It also has a rapidly growing live tracking business that complements the SVR division while its inhouse software development team, based in Milton Keynes, is constantly improving the newly released ‘Osprey’ platform, ensuring it remains cutting-edge.
The acquisition, made for an undisclosed amount, boosts live vehicle tracking units within the Radius Telematics division to just under 350,000 and will see Radius introduce the CanTrack range of solutions to its customers, within the UK and also overseas. The entire senior team at CanTrack, including Peter Thompson, will also remain with the business.
Radius CEO Bill Holmes said: “Peter and his team have built a really great business over the last 17 years and have a strong customer base that includes some prestigious accounts. This acquisition further strengthens our telematics division as we continue with our plan to build a product set that is unparalleled in the global marketplace. We are really looking forward to working with Peter and his team to continue their success and start rolling out their products across the growing Radius SME customer base both in the UK and our other markets.”
Peter Thompson, managing director of CanTrack, said the partnership was a logical fit: “Our growth in recent years has been exceptional, and we’ve been considering partnering with a larger global player for some time as our clients’ needs become more complex. We had no shortage of suitors, but Radius clearly stood out to us as the best fit. They’re an incredibly exciting company, full of passionate people who have a track record in sustainable growth and delivering on objectives. Culturally, there was a strong alignment, which was incredibly important to us. We’re also proud to be part of a British success story, which is now one of the world’s top five businesses in our space.”
The deal with CanTrack is the latest in a long line of acquisitions by Radius. The business was first established by owner Bill Holmes as a fuel card company in 1990 but now provides an array of products and services; alongside telematics and fuel, it also has telecoms, insurance and electric vehicle solutions divisions, selling to over 300,000 customers.
Its work has been expanded by a flurry of acquisitions in the last 18 months, including Macclesfield-based business telecoms provider Reliance Network, commercial insurance broker The Burley Group and telematics firm Sure-Trak while it’s also expanded its focus to large fleets under a deal with Key Telematics, as part of an ongoing programme of diversification.
Radius also took a share in ChargePoint Europe BV at the end of 2020 and has since launched a range of charge points for EVs under its new Radius EV division.