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Ituran

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Ituran

Ituran Location and Control Ltd.
Type Public (NASDAQ: ITRN),(TASE: ITRN)
Industry Vehicle Tracking
Founded 1994
Founders Izzy Sheratzky, Yehuda Kahane
Headquarters Tel Aviv, Israel
Area served USA, Brazil, Argentina, Israel
Products Fleet Management Systems Real-time locating systems
Telematics systems
Services Stolen vehicle recovery Vehicle tracking services
Location-based services
Revenue Increase US$ 147.82 million (2010)
Operating income Increase US$ 30.67 million (2010)
Net income Increase US$ 8.70 million (2010)
Employees 1,315
Subsidiaries Mapa Ltd.
Ituran de Argentina S.A.
Ituran Sistemas de Monitoramento Ltda.
Ituran USA Holdings Inc.
Cellutrak Canada Inc.
Website www.ituran.com/en/

Ituran Location and Control Ltd. is an Israeli company that provides stolen vehicle recovery and tracking services, and markets GPS wireless communications products. Ituran is traded on NASDAQ and the Tel Aviv Stock Exchange and is included in the TA-100 Index. Ituran has over 1,300 employees worldwide and is a market leader in Brazil, Argentina, Israel and the United States. As of June 2011, the company has 615,000 subscribers.[1]

Corporate history

Ituran was established in 1994 by the Tadiran conglomerate to develop and operate a service for locating stolen vehicles using a technology that was originally developed for military use at Tadiran Telematics, a subsidiary of Tadiran Communications.

In 1995 Tadiran decided to sell the Ituran concept to a group of investors headed by Izzy Sheratzky for $250,000 USD.[2]

In 1998 the company had an initial public offering on the Tel Aviv Stock Exchange, raising the capital required to develop the service overseas in the USA, Brazil and Argentina.[3]

In November 1999 Ituran acquired Tadiran Telematics, which continued to manufacture the vehicle tracking systems Ituran was using for its services, for $ 10 million. The acquisition enabled Ituran to reduce the cost of the systems it sold. Ituran changed the company's name to Telematics Wireless.

In 2005 Ituran raised approximately $50 million in an initial public offering on Nasdaq, which gave the company a value of $294 million.[4]

In April 2007 Ituran acquired the Mapa group for $13 million. The Mapa Group consists of three divisions: geographical databases, map publishing in print and online, satellite navigation and location-based services.

In November 2007 Ituran sold Telematics Wireless to Singapore based ST Electronics, part of the ST Engineering corporation, for $90 million.

In 2011, Ituran signed an agreement with Pelephone which allows Ituran to use Pelephone's network to set up an MVNO (mobile virtual network operator) venture.[5]


See also

External links

  • Ituran USA website
  • Ituran Argentina website
  • Ituran Brazil website
  • Telematics Wireless website

References

  1. ^ Ituran Location and Control Announces the Approval by Board of Directors of an Agreement With Pelephone to Provide MVNO Services
  2. ^ Ituran company presntation
  3. ^ 'Vehicle Protection Highly Profitable in Israel: Excellent Financial Report for Ituran' Globes, May 1998
  4. ^ Ituran raises $49.9m. in Nasdaq listing IVC Weekly, Sep 20, 2011
  5. ^ Ituran teams with Pelephone to set up MVNO


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