Viasat Group, a telematics company in Europe, has recently acquired 54.55 percent of Cefin Systems Romania’s shares. Cefin is active in the GPS devices area on the local telematics market.
“The market in Romania is a promising segment. Our strategy when investing in foreign markets is to exclusively address companies with a strong local management that have room and capacity for development. […] We have been working with Cefin Systems in Romania for many years, and this has made the procurement process flow more easily,” said Massimo Getto, vice president of Viasat Group and president of Viasat Cefin Systems Romania.
According to Cati Mocanu, general director of Cefin Systems Romania, in the near future they will launch together with their Italian partner a GPS technology based product, designed specifically for auto insurance companies.
“We are currently in the research and testing phase for a new product designed for the insurance market, […] addressed directly to insurance companies, not just the final insured recipient. We want to come up with a viable solution for all problems in this this area. We will take advantage of our partners’ at Viasat experience in the matter. It is a direction that we will focus on in the future and we hope to enter the insurance market in Romania before 2017,” she explained.
For Viasat, this procurement is the first stage in its development plan on the Eastern European market, where the Italian group plans to invest between EUR 10 and 15 million over the next three years.
In 2014, the company’s turnover was EUR 45 million, and the forecasts for this year anticipates a EUR 55 million turnover. By the end of 2015, they intend to complete three other acquisitions in Europe.
The process of expanding their range internationally has started in 2013 with the creation of Viasat Servicios Telematicos in Spain and continued in 2014 with the acquisition of 70 percent of the shares of Enigma Vehicle Systems Limited, a leading UK telematics business.