About Inseego

Inseego Corp. (Inseego) engages in the design and development of cloud-managed 5G wireless wide area network (WWAN) and intelligent edge solution. The company’s portfolio is consisted of secure, high-performance, cloud-managed fixed and mobile WWAN modems, routers, and gateways; enterprise networking software-defined edge (‘SD EDGE’) solutions powered by the company’s 5G WWAN portfolio that secures and prioritizes corporate network traffic; and intelligent edge and telematics solutions with built-in artificial intelligence (‘AI’) technology, created to improve business outcomes. All of these products and solutions are designed and developed in the U.S. and are used in mission-critical applications requiring the highest levels of security and zero unscheduled downtime. These solutions support business applications, such as enterprise networking, software-defined wide area network (‘SD-WAN’) failover management, asset tracking, edge computing and artificial intelligence, fleet management, and other services. The company is working with leading global service providers and enterprises in the mobile and 5G fixed wireless access (‘FWA’) ecosystems to further develop, commercialize and accelerate the availability of 5G-based solutions, which represent the next generation of mobile technology. 5G enables intelligent connectivity and is a catalyst for innovation and acceleration of the fourth industrial revolution across a wide range of vertical markets, including manufacturing, agriculture, utilities, industrial automation, retail, education, government, and healthcare. Strategy The key elements of the company’s strategy are to capitalize on its direct relationships with wireless operators, infrastructure providers, original equipment manufacturers (‘OEMs’) and component suppliers; expand the company’s 5G WWAN solutions portfolio by leveraging its core mobile technologies and platforms; aggressively expand the company’s go-to-market offerings through sales and marketing expansion, channel development and strategic partnerships; improve SaaS solution penetration; and increase the value of the company’s offerings. Sources of Revenue The company provides intelligent, cloud-managed wireless 4G and 5G hardware products for the worldwide mobile communications and IIoT markets. The company’s hardware products address multiple vertical markets, including private LTE/5G networks, the First Responders Network Authority/Firstnet, SD-WAN, telematics, remote monitoring and surveillance, and fixed wireless access and mobile broadband devices. The company’s broad range of products principally includes intelligent 4G and 5G fixed wireless routers and gateways, mobile hotspots, wireless gateways and routers for IIoT applications, Gb speed 4G LTE hotspots and USB modems, integrated telematics and mobile tracking hardware devices, which are supported by applications software and cloud services designed to enable customers to easily analyze data insights and configure/manage their hardware remotely. The company’s products operate on most major global cellular wireless networks. The company’s mobile hotspots sold under the MiFi brand have been sold to millions of end users, and provide subscribers with secure and convenient high-speed access to corporate, public and personal information through the Internet and enterprise networks. The company’s wireless standalone and USB modems and gateways allow the company to address the rapidly growing and underpenetrated IoT market segments. The company’s telematics and mobile asset tracking hardware devices collect and control critical vehicle data and driver behaviors, and can reliably deliver that information to the cloud, all managed by the company’s services enablement platforms. The company’s MiFi customer base is consisted of wireless operators to whom the company provides intelligent fixed and mobile wireless devices. These wireless operators include Verizon Wireless, T-Mobile and U.S. Cellular in the United States, Rogers and Telus in Canada, Telstra in Australia, as well as other international wireless operators, distributors and various companies in other vertical markets and geographies. The company sells its 5G WWAN solutions, integrated telematics and mobile tracking hardware devices through the company’s direct sales force, value-added resellers and through distributors. The customer base for the company’s products is consisted of transportation companies, industrial enterprises, retailers, manufacturers, application service providers, system integrators and distributors in various industries, including fleet and vehicle transportation, aviation ground service management, energy and industrial automation, security and safety, medical monitoring and government. Integrated telematics and asset tracking devices are provided as part of the company’s integrated SaaS solutions. The company sells SaaS, software and services solutions across multiple vertical markets, including fleet management, vehicle telematics, stolen vehicle recovery, asset tracking, monitoring, business connectivity and subscription management. The company’s SaaS delivery platforms include its telematics and asset tracking and management platforms, which provide fleet, vehicle, aviation, municipalities, healthcare, utilities asset and other telematics applications. The company’s SaaS platforms are device-agnostic and provide a standardized, scalable way to order, connect and manage remote assets and to improve business operations. The platforms are flexible and support both on-premise server or cloud-based deployments and are the basis for the delivery of a wide range of IoT services in multiple industries. The company classifies its revenues from the sale of the company’s products and services into two distinct groupings, specifically IoT & Mobile Solutions and Enterprise SaaS Solutions. Both IoT & Mobile Solutions and Enterprise SaaS Solutions revenues include any hardware and software required for the respective solution. Business IoT and Mobile Solutions The company’s 4G and 5G WWAN business focuses on addressing applications for a variety of enterprise verticals. These applications include, among others, smart city infrastructure management, remote monitoring and control, SD-WAN failover and enterprise connectivity. The company’s Skyus branded wireless gateways, routers and modems serve as connectivity solutions for the rapidly growing and underpenetrated IoT market segments. Worldwide IoT spending is expected to increase at a 20% compound annual growth rate between 2022 and 2027 (as reported by IoT Analytics, 2023). With many enterprise customers using the company’s solutions, the company already has a solid footing in this market. The company is continuing to invest and grow its product portfolio to realize the opportunities in the growing IoT market. The company’s 4G and 5G WWAN business is driving advanced mobile technologies for a multitude of consumer and enterprise applications. In 2022, the company launched its fourth generation 5G mobile hotspot with Telstra, Verizon, and T-Mobile. The company’s 4G and 5G WWAN business product portfolio consists of intelligent mobile broadband solutions, HD quality VoLTE products, residential 4G gateways and an advanced 5G portfolio of mobile and fixed wireless products. The company’s mobile broadband solutions, sold under the MiFi brand, are actively used by millions of end users annually to provide secure and convenient high-speed access to corporate, public and personal information through the Internet and enterprise networks. The introduction of 5G technology is rapidly expanding new enterprise and consumer market use cases and opportunities, including residential broadband gateways, industrial automation, massive machine connectivity and autonomous vehicles. The company is strategically well placed to realize the opportunity for 5G and the company is focused on developing a comprehensive portfolio of 5G products for fixed and mobile wireless applications. The company’s cloud offering includes Inseego Connect for device management, Inseego Subscribe, which helps organizations manage the selection, deployment and spend of their customer’s wireless assets, helping them save money on personnel and telecom expenses and 5G SD EDGE enterprise networking. Telematics and Asset Tracking Business Intelligence-Business/Enterprise SaaS Solutions Inseego entered the telematics software and services industry through the acquisition of DigiCore Holdings Limited (which was renamed Ctrack Holdings (Pty) Ltd (‘Ctrack’) in October 2015). Through a series of global acquisitions and mergers, the Ctrack group broadened its international reach by expanding into the United Kingdom, Europe, and Australia/New Zealand, and using distributors in emerging markets, such as Asia. Following the Ctrack Transaction, the company continues to provide telematics solutions under the Inseego brand in the rest of the world, including in Europe, the United Kingdom and Australia. The company is recognized as a leading global provider of advanced fleet management telematics and asset tracking solutions that add value to a global base of customers. The company designs, develops and sells a robust range of asset management and monitoring systems using GPS satellite positioning, advanced cellular communications and advanced sensory technologies. The result is innovative solutions ranging from basic track-and-trace, with stolen vehicle response services, to complete integrated enterprise-level solutions for large fleet owners across the globe. Sales and Marketing The company engages in a wide variety of sales and marketing activities, driving market leadership and global demand through integrated marketing campaigns. This includes product marketing, corporate communications, brand marketing and demand generation. Competition The company’s competitors include fleet management SaaS and services providers, such as Lytx, Sierra Wireless, Samsara and Cartrack; fixed wireless, mobile hotspot and wireless data modem providers, such as NETGEAR, Franklin Wireless, WNC, Nokia, TCL, ZTE and Huawei; IoT solution providers, such as Cradlepoint, Cisco, and Sierra Wireless; and customer experience software solutions and services providers, such as Cisco. Intellectual Property The company owns 44 patents and has 18 patent applications pending. The patents that the company owns will expire at various times between 2023 and 2041. The company, along with its subsidiaries, also holds a number of trademarks or registered trademarks including ‘Inseego’, ‘Inseego Subscribe’, ‘Inseego Manage’, ‘Inseego Secure’, ‘Inseego Vision’, the Inseego logo, ‘MiFi’, ‘MiFi Intelligent Mobile Hotspot’, ‘Wavemaker’ and ‘Skyus’. Key Partners and Customers The company has strategic technology, development and marketing relationships with several of the company’s customers and partners. The company’s strong customer and partner relationships provide the company with the opportunity to expand the company’s market reach and sales. The company partners with leading OEMs, wireless telecom service providers, and value-added resellers and distributors, which allows the company to offer customers integrated and holistic solutions. The company’s telematics platform uses leading cellular providers, such as Vodafone, Telstra and Optus to ensure the optimal real-time visibility of tracked vehicles and systems, supported by accurate and sophisticated mapping services, such as the HERE Open Location Platform. Customers for the company’s products include transportation companies, industrial companies, governmental agencies, manufacturers, application service providers, system integrators, distributors, and enterprises in various industries, including fleet and vehicle transportation, finance, accounting, legal, insurance, energy and industrial automation, security and safety, medical monitoring and government. The company’s telematics customer base is consisted of wireless operators, distributors, OEMs and various companies in other vertical markets. Fleet management customers include global enterprises, such as BHP Billiton, Super Group, Mammoet and Australia Post. The company’s customers for the company’s business connectivity products include EnerNOC, Thermo Fisher Scientific, the U.S. Army, Fastenal, T-Mobile and Verizon Wireless, amongst others. Customers for the company’s device management solutions include carriers, such as T-Mobile. A significant portion of the company’s revenue during the year ended December 31, 2022 came from two customers, Verizon and T-Mobile, which together represented approximately 67.3% of the company’s total revenues for the year ended December 31, 2022. Manufacturing and Operations The company’s primary contract manufacturers include Hon Hai Precision Industry Co., Ltd. (‘Foxconn’) and Inventec Appliance Corporation (‘IAC’), each of whom manufactures the company’s product outside of mainland China. Governmental Regulations As a company with global operations, the company is subject to complex foreign and the U.S. laws and regulations, including trade regulations, tariffs, import and export regulations, anti-bribery and corruption laws, antitrust or competition laws, data privacy laws, such as the EU General Data Protection Regulation (the ‘GDPR’), and environmental regulations, among others. Research and Development The company’s research and development expenses were $59.2 million for the year ended December 31, 2022. History Inseego Corp. was founded in 1996.