iGen Networks Corp (IGEN)

[Eddie T]

16 November 2015 - US-based Igen Networks Corp (OTCQB: IGEN) (CSE: IGN) has signed a non-binding memorandum of understanding to acquire Webtrack S.A. de C.V. a Mexican private corporation that provides end-to-end GPS-based vehicle telematics and analytics services in Mexico, Igen said.

The parties have agreed to a purchase price of USD 5m and to proceed toward completion of a definitive agreement subject to due diligence.

Founded in 2008, Webtrack serves both the consumer automotive and commercial fleet industry in Mexico supporting over 15,000 mobile assets and 300 customers that include The AXA Group, GNP Seguros, Autofin MA(c)xico, Ford, Ford Credit, and Lincoln.

Webtrack, an early pioneer of telematics and stolen vehicle recovery in Mexico, has developed sophisticated analytics tools for analyzing and reporting driver behaviour, and has provided solutions for several large insurance companies in the country. Through its partner company Prolog S.A. de C.V., Webtrack is a Ford Motor Co Tier 1 supplier.

Igen Networks invests in and manages companies that offer cloud-based services through Machine-to-Machine device technologies for the protection and management of mobile assets and commercial fleets.