An affiliate of Balmoral Funds LLC has successfully acquired and rebranded Sensata Technologies’ (NYSE: ST) Insights business unit as Xirgo Technologies. This acquisition positions Xirgo as an independent leader in IoT solutions, poised for accelerated growth and innovation. Chris Wolfe, a seasoned IoT industry leader with prior roles as CEO of PowerFleet and President of OmniTRACS, has been appointed as the CEO of Xirgo Technologies.
Xirgo Technologies is recognized for its advanced IoT offerings, including Xirgo-branded vehicle and asset telematics hardware, SmartWitness AI driver cameras, and Elastic M2M enterprise-grade software. These products enable telematics service providers and their customers to address complex real-world IoT challenges efficiently.
“We are excited to lead Xirgo Technologies into its next chapter of growth, building on a strong foundation of customer-focused innovation,” said Chris Wolfe. “Xirgo’s dedication to producing top-tier industrial-grade IoT products, combined with excellent customer service, has helped over 900 global partners thrive, deploying more than 1.6 million devices annually and generating significant revenue from services. With the support of Balmoral, we see tremendous growth potential for Xirgo’s solutions, especially in the fast-evolving IoT and AI video markets. This partnership will allow us to further enhance the value we offer to customers, employees, vendors, and partners alike.”
Clay Baker, Board Member of Xirgo Technologies and Vice President at Balmoral, added, “As an independent company, Xirgo is now better positioned to concentrate on its core strength—delivering innovative, AI-enabled IoT solutions. We are dedicated to continuing our tradition of excellence with current customers while expanding into new markets. Our focus will be on innovation and exceptional customer service as we continue to grow.”
The acquisition enables Xirgo Technologies to leverage its robust IoT technology foundation with the strategic backing and resources of Balmoral Funds. The partnership is expected to foster substantial advancements in product development and market growth, particularly in the rapidly expanding IoT and AI video sectors.
Balmoral Funds intends to invest significantly in Xirgo Technologies, with a focus on research and development, expanding market presence, and maintaining the high-quality customer service that has been central to Xirgo’s success.
