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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.[1]

Ituran Location and Control Ltd.
Public (NASDAQITRN),(TASEITRN)
IndustryVehicle Tracking
Founded1994; 25 years ago (1994)
FounderIzzy Sheratzky, Yehuda Kahane
Headquarters,
Israel
Area served
United States, Brazil, Argentina, Israel
ProductsFleet Management Systems Real-time locating systems
Telematics systems
ServicesStolen vehicle recovery Vehicle tracking services
Location-based services
RevenueIncrease US$ 182 million (2014)
Increase US$ 47.87 million (2014)
Increase US$ 30.42 million (2014)
Number of employees
1,315
SubsidiariesMapa Ltd.
Ituran de Argentina S.A.
Ituran Sistemas de Monitoramento Ltda.
Ituran USA Holdings Inc.
Cellutrak Canada Inc.
Websitewww.ituran.com/en/

Contents

Corporate historyEdit

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. The core technology was originally developed and licensed by Tadiran from Teletrac USA. Teletrac was founded as International Teletrac Systems in 1988. It received initial funding from a unit of AirTouch Communication (formerly known as Pacific Telesis) in exchange for 49% equity of the company. Teletrac contracted Tadiran to build base stations for their US system which were later used under license in deploying the network in Israel.

In 1995 Tadiran decided to sell the Ituran concept to a group of investors headed by Izzy Sheratzky for $250,000 USD.[2]

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.[3]

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.[4]

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.[5]

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.

In May 2018 a severe security vulnerability was discovered in the Ituran system. The vulnerability allows attackers to easily extract personal information of Ituran customers, including home addresses, phone numbers and car registration numbers. For some users it also allowed real-time tracking using the Ituran application. Following the discovery of the vulnerability, Ituran disabled the self-service portal for its Israeli customers, until the vulnerability is fixed.[6]

See alsoEdit

External linksEdit

ReferencesEdit

  1. ^ Ituran Location and Control Ltd. Presents Results For The Full Year & Fourth Quarter 2014
  2. ^ Ituran company presentation
  3. ^ 'Vehicle Protection Highly Profitable in Israel: Excellent Financial Report for Ituran' Globes, May 1998
  4. ^ Ituran raises $49.9m. in Nasdaq listing IVC Weekly, Sep 20, 2011
  5. ^ Ituran teams with Pelephone to set up MVNO
  6. ^ זיו, אמיתי (2018-05-12). "פירצה חמורה באיתוראן: פרטי לקוחות נחשפו - כולל חשבון הבנק והספרות האחרונות בכרטיס האשראי". TheMarker. Retrieved 2018-05-14.