Novatel Wireless Selected as Telematics Partner to Power Car Share Initiatives in Europe
January 19 2016 - 8:35AM
Novatel Wireless, Inc. (NASDAQ:MIFI) today announced an advanced
telematics solution optimized for the emerging car-sharing sector.
The Ctrack solution is deployed in pilot programs by a leading
automobile manufacturer and ride-share service operators.
“The opportunities of the mobile internet have created new
use-cases and consumer-friendly business models for managing and
connecting the car-share fleets with their customer base. However,
until now, there have been clear difficulties in terms of how best
to coordinate the availability, access, and usage of vehicles in a
car-share program,” said John Wisdom, Managing Director of Ctrack
(Europe) for Novatel Wireless. “We have leveraged our
longstanding expertise within telematics to develop a solution that
overcomes the key challenges faced by car-sharing providers and the
short-term rental business, including the ability to provide
reliable journey and usage data for accurate billing purposes.”
The Company’s proprietary Ctrack telematics solution for
car-sharing includes options such as driver ID and authorization
for keyless vehicle access via RFID smartcards and mobile
applications. Other features include remote vehicle immobilization,
an extensive suite of vehicle tracking and location based services,
and driver behavior metrics that provide asset control and support
safe driving initiatives.
There is increasing market demand for car-sharing, also coined
short-term vehicle rental, where occasional use or access to a
different vehicle type is temporarily required. McKinsey and
Company report that nearly a third of the adult urban population in
large cities are to be considered prospective car sharers and the
segment will experience a compound annual growth rate of 29%
through 2020 (Berg Insight).
“These partnerships reinforce our reputation for delivering
innovative, reliable solutions to both the established and emerging
segments within the telematics industry, and they open doors for
exciting and new global opportunities with automobile manufacturers
and rental car providers,” said Sue Swenson, CEO of Novatel
Wireless.
About Novatel Wireless, Inc.
Novatel Wireless, Inc. (Nasdaq:MIFI) is a leading global
provider of solutions for the Internet of Things (IoT), including
software-as-a-service (SaaS) solutions for the fleet telematics
market. The Company’s product lines include the
CTrackTM fleet and vehicle telematics platform, FW IoT
consulting services, appliances and device management solutions,
along with Novatel Wireless’s MiFi® intelligent mobile
hotspots and modems, embedded modules, mobile tracking
solutions, and asset tracking and monitoring solutions.
These innovative products and solutions provide anywhere,
anytime communications and analytics for consumers and businesses
of all sizes, with approximately 155,000 subscribed fleet vehicles
for Ctrack among the Company’s 510,000 global subscribers.
Novatel Wireless is headquartered in San Diego,
California. http://www.novatelwireless.com. @MiFi
(Twitter)
Cautionary Note Regarding Forward-Looking
Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to a variety of matters, including, without
limitation, statements related to the ability of Novatel
Wireless to expand its addressable markets and drive growth in
service revenue and broaden its customer base as a result of the
acquisition of DigiCore, and other statements that are not purely
statements of historical fact. These forward-looking statements are
made on the basis of the current beliefs, expectations and
assumptions of the management of Novatel Wireless and are
subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and Novatel Wireless undertakes
no obligation to update or revise these statements, whether as a
result of new information, future events or otherwise. These
forward-looking statements also involve many risks and
uncertainties that may cause actual results to differ materially
from what may be expressed or implied in these forward-looking
statements. For a further discussion of risks and uncertainties
that could cause actual results to differ from those expressed in
these forward-looking statements, as well as risks relating to the
business of Novatel Wireless in general, see the risk
disclosures in the Annual Report on Form 10-K of Novatel
Wireless for the year ended December 31, 2014, and in
other filings made with the SEC by Novatel
Wireless (available at www.sec.gov).
Media Contact
Anette Gaven
(619) 993-3058
agaven@nvtl.com
Investor Relations Contact:
Michael Sklansky
(858) 431-0792
msklansky@nvtl.com
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