Connexionz quits Britain

Connexionz has exited its British operations by way of a management buyout and is focusing on expansion in the US.

The firm's British business, which provides vehicle tracking systems, has generated losses since 2006 due to a dearth of new business and non-renewal of a maintenance agreement.

The buyout will result in a reduction of assets in the 2010 financial year of about $300,000 and a one-time loss on divestment of the same amount.