The company’s technology is used by for insurance and transport companies to mitigate risks of fraud and optimise fleet management.
Octo expects to report a turnover of €120m for 2013, which is more than double the €50m turnover it had when Amadeus invested in the company alongside Montezemolo & Partners.
The company is currently profitable and has presence in the UK, the US, Germany, Canada, South Africa and other markets.
Amadeus partner Andrea Traversone said, “Since our investment in 2010, Octo has achieved impressive growth and profitability whilst cementing its market leadership position in the insurance telematics market.
“The company’s products currently represent one of the most successful applications in the Internet of Things sector. We have worked closely with the lead co-investor Montezemolo & Partners, one of the leading private equity firms in Italy, in supporting the company in this growth and internationalisation phase.”
Last month Amadeus held a first close of £33.2m for the Amadeus IV Early Stage Funds.
This programme of funds will invest in UK companies developing technologies in high-growth sectors, including big data analytics, cloud computing and cyber security, low-power computing and the internet of things, medical technology and digital healthcare.
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