Industry Vehicle Tracking Headquarters Azor, Israel | Revenue US$ 182 million (2014) Founded 1994 | |
 | ||
Type Public (NASDAQ: ITRN),(TASE: ITRN) Area served United States, Brazil, Argentina, Israel Products Fleet Management Systems Real-time locating systems
Telematics systems Services Stolen vehicle recovery Vehicle tracking services
Location-based services Stock price ITRN (NASDAQ) US$ 29.00 -0.15 (-0.51%)16 Mar, 4:00 PM GMT-4 - Disclaimer CEO Nir Sheratzky (2003–), Eyal Sheratzky (2003–) Founders Yehuda Kahane, Izzy Sheratzky Subsidiaries ERM Telematics, Mapa, Mapa Internet Ltd. Profiles | ||
Ituran Location and Control Ltd. is an Israeli company that provides stolen vehicle recovery and tracking services, and markets GPS wireless communications products. Ituran is traded on NASDAQ and the Tel Aviv Stock Exchange and is included in the TA-100 Index. Ituran has over 1,300 employees worldwide and is a market leader in Brazil, Argentina, Israel and the United States. As of February 2015, the company has 817,000 subscribers.
Corporate history
Ituran was established in 1994 by the Tadiran conglomerate to develop and operate a service for locating stolen vehicles using a technology that was originally developed for military use at Tadiran Telematics, a subsidiary of Tadiran Communications.
In 1995 Tadiran decided to sell the Ituran concept to a group of investors headed by Izzy Sheratzky for $250,000 USD.
In 1998 the company had an initial public offering on the Tel Aviv Stock Exchange, raising the capital required to develop the service overseas in the United States, Brazil and Argentina.
In November 1999 Ituran acquired Tadiran Telematics, which continued to manufacture the vehicle tracking systems Ituran was using for its services, for $10 million. The acquisition enabled Ituran to reduce the cost of the systems it sold. Ituran changed the company's name to Telematics Wireless.
In 2005 Ituran raised approximately $50 million in an initial public offering on Nasdaq, which gave the company a value of $294 million.
In April 2007 Ituran acquired the Mapa group for $13 million. The Mapa Group consists of three divisions: geographical databases, map publishing in print and online, satellite navigation and location-based services.
In November 2007 Ituran sold Telematics Wireless to Singapore based ST Electronics, part of the ST Engineering corporation, for $90 million.
In 2011, Ituran signed an agreement with Pelephone which allows Ituran to use Pelephone's network to set up an MVNO (mobile virtual network operator) venture.
In 2012, Ituran announced that Ituran Brazil entered into agreement with General Motors Brazil ("GMB") through a company controlled by Ituran (51%). Ituran Brazil was founded in 1999 and has (as of the end of 2014) more than 310,000 active subscribers.