Jamaica-headquartered technology company Amber Group Limited has successfully repurchased the ICD Group’s minority interest in its subsidiary, Amber Connect Limited (ACL), a leading vehicle security and telematics company.

The ICD Group, through its investment holding company, acquired 32.5 per cent equity in the business between 2016 and 2019. 

According to Dushyant Savadia, founder and CEO of the Amber Group, “this initial investment allowed the company to scale and expand to new markets, thus becoming one of the industry leaders in vehicle tracking and telematics, in a very short time”.

MAJOR DISTRIBUTION DEAL SIGNED WITH PETRA INDUSTRIES

ACL currently operates in 30 countries including the United States, Canada, South Africa, New Zealand and Jamaica, through a large distribution network of electronics, security and automotive industries.

In December last year, ACL signed a major distribution deal with Petra Industries, one of the largest consumer technology authorities in the United States, which distributes more than 900 leading technology brands.

That partnership will see ACL’s line of vehicle security and telematics devices available on QVC, one of North America’s largest televised shopping networks, e-commerce giant Amazon, as well as on the shelves of Walmart, Staples, Office Depot, Lowes, and Home Depot stores in a few weeks.

Joe Matalon, chairman of the ICD Group of Companies, who served ACL as chairman, will be stepping down from the role.

“We wish Amber all the best in its future endeavours and look forward to seeing a Jamaican-grown entity competing at the global level in this and other areas of technology-led disruption.

“The team at Amber remains grateful for the expertise and mentorship provided by the ICD Group over the years, especially at a time when not many believed in the vision to change the world through our technology,” Savadia added.