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Ituran to Realize Capital Gain of $2.5m From Bringg Investment

Ituran Location and Control Ltd. (NASDAQ: ITRN), announced following an investment round in one of its early stage mobility technology holdings, Bringg, Ituran will realize a non-cash capital gain in the first quarter amounting to $2.5 million.

This follows a recent successful investment round at one of Ituran’s startup holdings Bringg

Bringg is a Software as a Service Next Generation Supply-Chain and Deliveries technology platform for enterprises. Bringg’s platform is already being used by enterprises throughout the world including some top tier companies. The company was founded in 2013 and has offices in New York, Chicago and Tel Aviv.

The current $10 million investment round included Coca-Cola, as well as venture capital firms, Alef and Pereg.

Following the investment round, Ituran will hold 31.5% of Bringg and will remain the largest shareholder in the company.

Eyal Sheratzki, CEO of Ituran, commented "Ituran is actively seeking out and investing in the companies which are building tomorrow’s mobility technologies and solutions. Bringg is one of those companies, founded by impressive entrepreneurs with many previous successes to their names. Since our initial founding investment in 2013, the company has made significant progress selling its solutions to some top-tier global companies. This capital gain from our investment in Bringg represents the initial fruits of success from our early stage investments. We look forward to continuing and expanding our efforts in this arena."

Next Finance , March 2017

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