Business
ITURAN & MOB-LAB LAUNCH ITURAN-MOB: PIONEERING TECHNOLOGY IN URBAN MOBILITY FOR THE SHARED ECONOMY
Ituran acquires 50% of urban mobility pioneer Mob-Lab AZOUR, Israel, Jan. 26, 2022 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), a global
About this update from Ituran Location And Control Ltd.
[{"type":"text","content":"Ituran acquires 50% of urban mobility pioneer Mob-Lab\n\n\nAZOUR, Israel, Jan. 26, 2022 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), a global leader in vehicle telematics, today announced that its Brazilian subsidiary acquired 50% of Mob-Lab in Brazil, an urban mobility startup and a pioneer in the car-sharing, lending and pooling market. Ituran retains on option to acquire control of the company in the future.\nMob-Lab, renamed Ituran-Mob, will leverage Ituran's global footprint, strong brand and technology to expand its business. The company is offering car-sharing and car-pooling solutions in the Brazilian market initially, with the goal to expand into all of Ituran's markets globally. While at an early stage, the Company already has a growing base of several-hundred paying subscribers.\n\"The vehicle rental market is a huge global market, estimated at above $100 billion over the coming three years, which has shown little evolution in the past three decades. The car rental process today remains bureaucratic and slow and is ripe for technological disruption. Ituran-Mob's goal is to break this barrier,\" said Paulo Henrique Andrade, Ituran-Mob's CEO.\nCommented Eyal Sheratzky, CEO of Ituran, \"Our enabling technology for the sharing economy allows the efficient matching of an underutilized resource, a car, with potential demand. We have already integrated Mob-Lab hardware into Ituran's well-known hardware and we are now offering a one box solution with many more capabilities. We are already running pilots with some major companies from the telecom, banking and rental market in Brazil and are in discussions with potential customers in other geographies in which we operate including Israel. We see broad interest from rental companies across all our regions, especially in Brazil, that do not want to be left behind as we bring technological revolution to the car rental industry.\"\nContinued Sheratzky, \"The sharp decline of tourism globally has led to rental companies needing to find alternatives uses of their fleets. In addition, the current work-from-home trend has led to large companies with significantly underutilized company car fleets that are looking for alternatives. We are offering our solution as a B2B or B2B2C model, which includes rental companies, business fleets and the likes. We believe that over...