Inseego Corp. (Nasdaq: INSG), an industry leader in solutions for intelligent mobile enterprises, announced today that it completed a $19.7 million private placement on August 6, 2018. Investors are an affiliate of Tavistock Group, an international private investment firm, and existing shareholder, North Sound Partners.
Inseego Announces Strategic Growth Investment and New Chairman of the Board of Directors
Board Chair Transition
Concurrent with this transaction, CEO Dan Mondor has been elected Chairman of the Board of Directors, replacing Phil Falcone who has stepped down. In addition, Jim Avery of Tavistock Group and Brian Miller of North Sound Partners have joined Inseego’s Board of Directors.
“I’m very pleased that Dan has been elected Chairman,” said Phil Falcone. “He has significant experience as a leader in the tech industry and transforming businesses. Under Dan’s leadership, Inseego has made tremendous progress positioning the Company solidly for the sizable opportunities in 5G and IoT Cloud. He has built a strong foundation for profitable growth, and I remain a long-term supporter and investor in the Company.”
“This is an exciting time for Inseego. Tavistock and North Sound are both highly regarded investment firms and this partnership enables us to accelerate our growth strategy, and adds global relationships and financial flexibility,” said Dan Mondor, Chairman and CEO of Inseego. “My thanks to Phil for his leadership during the early stages of Inseego’s turnaround. I welcome Jim and Brian to the Board. Both bring unique financial and technology industry experience and will provide valuable insights as we continue to seize new opportunities.”
New Directors
Jim Avery joined Tavistock Group in 2014 and is currently a Senior Managing Director. Jim brings many years of experience as a senior telecom and technology banker at both Morgan Stanley and boutique firm, GCA Savvian.
“We are pleased to partner with Inseego and help capitalize on the global demand for their cutting-edge solutions and advance the Company’s pace of product innovation,” said Jim Avery.
Brian Miller is Chief Investment Officer of North Sound Partners and General Partner of North Sound Ventures, which invests directly in early stage growth opportunities and helps companies create shareholder value. Prior to founding the North Sound group of companies, Brian spent over 20 years at Elliott Management, a New York-based hedge fund where he was an equity partner, Chief Trading Officer, and served on the management committee.
“Inseego is uniquely positioned for growth in attractive 5G, Cloud Telematics and IoT markets,” said Brian Miller. “As an existing investor, I have always recognized the technological strengths of Inseego. With the new management team led by Dan, I believe Inseego is poised to capture a substantial share of these markets going forward.”
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