(MENAFN) Investcorp, a leading provider and manager of alternative investment products, announced that it has agreed to acquire a majority holding in Arvento Mobile Systems, Turkey's leading telematics company, Gulf Daily News reported.

The founders of the business will retain their holdings as minority shareholders and will also remain as part of the management team in the roles of chief executive and chief technology officer.

Established in 2005, Arvento is a provider of telematics solutions, delivered as a software-as-a-service, which provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage and other insights into their mobile workforce, enabling them to reduce operating costs and increase their revenues.

The company designs, develops and sells its own range of hardware products and software applications.