SAN DIEGO, Jan. 19, 2016 (GLOBE NEWSWIRE) -- Novatel Wireless, Inc. (NASDAQ:MIFI) today announced an advanced telematics solution optimized for the emerging car-sharing sector. The Ctrack solution is deployed in pilot programs by a leading automobile manufacturer and ride-share service operators.
“The opportunities of the mobile internet have created new use-cases and consumer-friendly business models for managing and connecting the car-share fleets with their customer base. However, until now, there have been clear difficulties in terms of how best to coordinate the availability, access, and usage of vehicles in a car-share program,” said John Wisdom, Managing Director of Ctrack (Europe) for Novatel Wireless. “We have leveraged our longstanding expertise within telematics to develop a solution that overcomes the key challenges faced by car-sharing providers and the short-term rental business, including the ability to provide reliable journey and usage data for accurate billing purposes.”
The Company’s proprietary Ctrack telematics solution for car-sharing includes options such as driver ID and authorization for keyless vehicle access via RFID smartcards and mobile applications. Other features include remote vehicle immobilization, an extensive suite of vehicle tracking and location based services, and driver behavior metrics that provide asset control and support safe driving initiatives.
There is increasing market demand for car-sharing, also coined short-term vehicle rental, where occasional use or access to a different vehicle type is temporarily required. McKinsey and Company report that nearly a third of the adult urban population in large cities are to be considered prospective car sharers and the segment will experience a compound annual growth rate of 29% through 2020 (Berg Insight).
“These partnerships reinforce our reputation for delivering innovative, reliable solutions to both the established and emerging segments within the telematics industry, and they open doors for exciting and new global opportunities with automobile manufacturers and rental car providers,” said Sue Swenson, CEO of Novatel Wireless.
About Novatel Wireless, Inc.
Novatel Wireless, Inc. (Nasdaq:MIFI) is a leading global provider of solutions for the Internet of Things (IoT), including software-as-a-service (SaaS) solutions for the fleet telematics market. The Company’s product lines include the CTrackTM fleet and vehicle telematics platform, FW IoT consulting services, appliances and device management solutions, along with Novatel Wireless’s MiFi® intelligent mobile hotspots and modems, embedded modules, mobile tracking solutions, and asset tracking and monitoring solutions. These innovative products and solutions provide anywhere, anytime communications and analytics for consumers and businesses of all sizes, with approximately 155,000 subscribed fleet vehicles for Ctrack among the Company’s 510,000 global subscribers. Novatel Wireless is headquartered in San Diego, California. http://www.novatelwireless.com. @MiFi (Twitter)
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, statements related to the ability of Novatel Wireless to expand its addressable markets and drive growth in service revenue and broaden its customer base as a result of the acquisition of DigiCore, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Novatel Wireless and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Novatel Wireless undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. These forward-looking statements also involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Novatel Wireless in general, see the risk disclosures in the Annual Report on Form 10-K of Novatel Wireless for the year ended December 31, 2014, and in other filings made with the SEC by Novatel Wireless (available at www.sec.gov).