Italian telematics company Viasat Group has bought a majority stake in Cefin Systems Romania (54.55%), a local provider of GPS monitoring products for car fleets.

Viasat Group will add Cefin Systems’ brand CS Fleet to its international telematics network.

"Our strategy when investing in foreign markets is to approach only companies that have strong management at local level and are able to develop," said Massimo Getto, Viasat Group vice-president, cited by local Wall-street.ro.

The company plans to develop a GPS-based product for car insurance firms. Viasat Group plans to invest EUR 10-15 million in Eastern Europe in the next three years.

editor@romania-insider.com

(photo source: Cefin systems on facebook)