Octo Telematics

Charme II case study

Investment Highlights

  • Origination: Charme won the transaction by becoming management’s preferred buyer in a competitive process, by demonstrating its track record of supporting ambitious growth plans
  • Strategic investor base: support received from Charme’s unique investor base allowed the team to identify and deliver the business’ full growth potential
  • Hands-on approach: an extremely hands-on investment approach supported the company to grow internationally, strengthen management, drive profit and develop strong intellectual property
  • Thoughtful exit: an efficient and thoroughly planned exit process allowed identification of the most suitable trade acquirer and value maximization at exit

Investment Summary

Octo Telematics (“Octo”) is the global leading provider of cutting–edge telematic services to insurance companies, large rental/fleet management companies, car makers, public entities and aftermarket end-users. Founded in 2002, Octo is headquartered both in Rome and London and operates today through offices in 7 countries (Italy, UK, France, Spain, Germany, USA and Brazil). The company has a current portfolio of more than 3.8 million active contracts, with a database of over 100 billion recorded driven miles and 400,000 analyzed crashes.

Its platform is based on unique software, analytics, Big Data capabilities and an extensive database. Octo uses its technology to provide customers with Usage Based Insurance services, real time crash assistance, claim management software, fleet management information, vehicle diagnostics and stolen vehicle recovery service.

Case studies

Charme acquired a majority stake in Octo in 2010 from Meta System, leading a consortium that included Rothschild Capital Partners and Amadeus Capital Partners. The stake was further increased in 2012 when the remaining 30% stake owned by Meta System was acquired. At the time of the original acquisition Octo substantially served one single client almost exclusively on the Italian market, with less than 1m contracts and €56m of revenue.

During the period of ownership, Charme actively supported the rapid global expansion of the company in key international markets by more than doubling the number of insurance companies it worked with, penetrating new international markets, including the USA and Canada, and working intensively alongside the company to manage the complexity of scaling operations in the light of such rapid growth (including strong diversification of its hardware suppliers’ base). The management team was significantly strengthened and Charme helped Octo to develop its intellectual property through a portfolio of international patents.

By the time of exit in 2014 the company had increased the number of active contracts with customers by more than 3.0x. After a tailored auction process, Octo was sold to Renova Group for a consideration of €405m.

Key Financials

Revenues (€m)

<p>Revenues (€m)</p>
<p>Revenues (€m)</p>


<p>EBITDA (€m)</p>
<p>EBITDA (€m)</p>

Investment Statistics

300% EBITDA growth during our hold period and €170m realised proceeds.

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