10:14 AM EST, 12/02/2024 (MT Newswires) -- Inseego ( INSG ) said Monday that it has completed the sale of its global telematics business to Convergence Partners' portfolio company Ctrack Holdings for $52 million in cash.

The company said the sale is intended to improve its focus on its core 5G domestic business and raise funds for recapitalization and debt reduction.

Inseego ( INSG ) said a portion of the proceeds was used to repay a remaining $6 million balance under its loan and security agreement with South Ocean Funding and other lenders.

Shares of Inseego ( INSG ) were up over 4% in recent Monday trading.

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