Skip to main content

Innova’s vision: transforming Inelo into a one-stop shop for independent trucking companies’ technology solutions.

PE/VC investor
Innova Capital
Investment period



(in Millions)





Revenue growth


EBITDA growth



Established in 2002, Poland-based Inelo Group emerged as a leader in providing software and telematic solutions for the heavy-duty transport industry. With a client base exceeding 10,000 the company predominantly catered to small and medium-sized enterprises managing fewer than 50 vehicles.

In 2017, Innova Capital began discussions with Inelo, recognizing an opportunity to collaborate with a key player in fleet management solutions. Facilitated by an advisor, the talks were spurred by Inelo’s founders interested in gradually stepping back from their operating roles.

Drawing on their industry expertise, the Innova team, having previously invested in Polish transportation and logistics provider PEKAES, understood the critical role technology, exemplified by Inelo’s solutions, would play in helping trucking companies respond to impending regulatory challenges. The company also fit Innova’s preferred investment strategy of focusing on local companies with founder succession challenges and professionalizing them.

In April 2018, Innova, teaming up with one of its limited partners, acquired 75% of the business, leaving the founders with the remaining 25%. The strategic vision was clear – Innova aimed to mold Inelo into a one-stop shop addressing the technology needs of independent trucking companies.

At the time of Innova’s investment, Inelo’s flagship product was work time management software with related outsourcing services, allowing businesses to navigate country and EU-level regulations. This included managing driver break times and calculating the minimum wage a driver must earn when entering and exiting various European Union countries. Inelo’s second product, representing approximately one-third of the business, offered a telematics solution facilitating fleet tracking and communication.

In March 2023, Innova divested its entire stake in Inelo to Eurowag, a Prague-headquartered European payments and mobility platform focused on the commercial road transportation industry. The deal, was valued at over EUR300 million, netted Innova an IRR of approximately 27% and a multiple on invested capital of 3x.

Main objectives
of funding

  • Professionalization of the management team, transitioning founders from management roles to Supervisory Board positions.
  • Professional development of the organization allowing the company to prepare for the next stage of growth - digitalization, internationalization and switch to multi-product offering
  • M&A leadership - developing strategy, securing funding, deal execution.

What changed in the company after PE/VC investment

Organizational improvements

  • Successfully executed "Founder Succession" by strengthening the management team including the integration of professionals from the Innova Executive Network.

Commercial improvements

  • Transformed the product offering into a "one-stop-shop" strategy by focusing on cross-selling, offer bundling, unique multi-product functionalities and transforming sales department from single-product focus to a multi-product approach.
  • Developed remote sales channels with telesales and online contributing approximately 40% of new sales in 2022, a remarkable shift from zero in 2018.
  • Achieved a significant (>2x) reduction in churn by building a dedicated Customer Care team and focusing on multi-product sales.

M&A as important part of strategy

  • o Completed four bolt-on acquisitions during the holding period, expanding both the product portfolio (MarcosBIS and FireTMS, T) and geographic reach through the acquisition of CVS Mobile, Slovenia-based telematics leader in SEE countries.

Product and Financial improvements

  • Upon Innova’s involvement, two business lines were poorly integrated, effectively operating as separate entities. Each product maintained its own sales team and customer base, with minimal intercommunication. Innova focused on comprehensive integration of Inelo, involving the reconstruction of sales and customer care departments, fostering a collaborative approach with an emphasis on cross-selling and offer bundling. The company successfully expanded its sales channels to include online and telephone sales, constituting 38% of new sales by 2022, a remarkable transformation from none in 2018.
  • Under Innova’s ownership, Inelo’s revenues grew from EUR13 million at entry to EUR42 million at exit, while EBITDA rose from EUR5 million to EUR18 million. Notably, the percentage of revenues generated outside Poland surged from 7% to 30% over the same period.




ESG related initiatives and accomplishments

Inelo introduced Eco Driving enhancements...

into the basic system functionalities for drivers in 2020. Developed in collaboration with the Silesia University of Technology, this module features an algorithm designed to promote eco-friendly and efficient driving style It serves as an incentive for drivers to achieve the best results within their peer group.

Staff turnover stabilized in 2021...

and stood at 13% (compared to 15% in 2020, 19% in 2019, and 31% in 2018).

A significant majority (66%) of Inelo employees...

are female a structural aspect that has remained consistently stable in recent years. Since 2019 the company was led by a female CEO, Magda Magnuszewska. In recognition of its commitment to diversity and inclusion, Inelo Group, along with its CEO, actively participated in 30% Club Poland - a non-profit platform dedicated to promoting diversity and inclusion across senior positions, advocating for a minimum 30% female representation on the boards of large and medium-sized companies in Poland.

In Poland our company stands unmatched with such a diverse offering. We have created a category where we hold the leading position... It is based on integrated technology, making it difficult to replicate.

Magdalena Magnuszewska