Motorola, Clal, Nexus, Poalim Investments to Set Up Car Tracking Company

$1 million will be invested in establishing the company, which will compete mainly with Ituran.

Motorola, Clal, and Poalim Investments will shortly begin operating Eden Telecom, which will engage in tracking motor vehicles and in fleet management. Technology for Eden Teleco’s activities will come from Nexus, of the BVR group. Following the set up of the partnership, Nexus will refrain from similar activity, which it recently started, focusing instead solely on development.

The owners will invest $5 million in establishing the new company. Ownership will be divided between Motorola, which will also make a strategic contribution (30%), Poalim Investments and Clal (25% each), and Nexus (20%). Poalim Investments and Clal are shareholders in BVR, which controls Nexus.

There are currently several companies engaged in the tracking of motor vehicles, the major one being Ituran, controlled by Izzy Sheratzky. Ituran offers a range of services: a technology that enables accurate tracking of motor vehicles, people and equipment, products for the prevention and foiling of car thefts, management of car fleets, and emergency button services. The company, which issued on the stock exchange last year, closed 1998 on a NIS 9.5 million profit, with NIS 30 million in revenues.

Published by Israel's Business Arena March 24, 1999

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