Italian telematics services provider Viasat Group acquires Bulgaria's EuroGPS

In order to increase EuroGPS's overall competitiveness on the global market, Viasat Group plans to transform the Bulgarian company into a hub for the development of new technologies in the field of fleet management and intelligent transport systems for smart cities, Viasat Group said in a statement, adding that the company also plans to develop a production centre for hardware solutions.

"In addition, the investment planned by Viasat Group in Bulgaria is intended to create new jobs, increase the efficiency of products for urban mobility and the digitalization of business processes." Domenico Petrone, founder and CEO of Viasat Group, said in the statement.

Following the acquisition, EuroGPS will change its name to Viasat Technology in line with Viasat Group's plans to create synergies in the field of innovation, R&D and production.

EuroGPS is hold over 50% market share in the telematics market in Bulgaria and develops customized software and hardware solutions for its customers.

Viasat Group's portfolio includes services in the sectors of telematics, telecommunications, insurance and the Internet of Things.