The chairman and chief executive of Octo Telematics have signed an agreement with Renova for the purchase of 20% of the company's shares.
This will reduce Renova's shareholding in the company to 48.55%.
Sir John Peace, chairman of Octo Telematics, said: “Having worked closely with the management team and observed at first hand the transformation that Octo is bringing to the insurance industry, I am pleased to have reached this agreement.
"Investments already made in technology and the strong track record of business wins makes Octo a unique combination of profitable growth at scale that is extremely well positioned, not just in insurance and automotive, but the wider IoT (internet of things).”
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