i-Cell to regionally expand thanks to LeadVentures’ acquisition and MOL’s support

Budapest, January 21, 2021. i-Cell, launches joint product development with MOL and aims for the international markets, after Lead Ventures has taken part ownership in firm. The Budapest-based venture capital and private equity investor specializes in scale-ups.

Since the 1998 foundation of i-Cell, it is the most innovative Hungarian-owned company of telematics. It is a major player of the GPS-based vehicle tracking segment for vehicles and vans, and one of the market leaders of the electronic toll payment system since its launch in 2013. In addition, with regard to the rate of telematic equipment failure, it is considered the most trustworthy service provider.

Our professional solutions are tailored to meet our clients’ needs and provide support for the daily work of companies such as Gelbmann, one of the major firms of the Hungarian transportation market or Megakrán Nyrt., another market leader in the heavy lifting segment” – explained the managing director of i-Cell. Károly Farkas explained: through the investment of Enter Tomorrow Europe - the Hungarian capital fund operated by Lead Ventures and supported by Eximbank and MOL - they can realize joint product developments with MOL Nyrt., and the first projects will be completed in a few months. „Having a well-capitalized investor on board with the professional partnership and active support of MOL, create an opportunity for i-Cell to expand in the international markets, while strengthening its Hungarian position as well” – added Károly Farkas managing director.

By regionally expanding and upscaling its ideas that were realized on a small-scale within our borders, i-Cell has practically served as a textbook case for us” – explained András Dunai, partner of Lead Ventures, envisioning huge opportunities in mobility in addition to energy and business services. He added: since we are talking about a more mature business, the transaction, with which Enter Tomorrow Europe gains a 50 % ownership in the telematics firm, is very close to a classic private equity deal. According to András Dunai, with the growth of freight transport and additional road sections included in the toll system, the Hungarian growth prospects of the company are more than promising. At the same time, there is justification for its regional ambitions as well: the dynamics of telematics equipment installed into European freight vehicles is outstanding, with an expected increase from 17 % in 2018 to 30 percent by 2022, which for the entire continent would amount to a total turnover of EUR 6.3 billion. 

More news