Inseego Aborts MiFi Sale, Launches Major Restructuring

San Diego-based Inseego, the developer of the MiFi wireless hotspots, has aborted its plans to sell off its MiFi division to Chinese company TCL Industries Holdings (H.K.) Limited, and has embarked on a massive restructuring of the company. According to Inseego, it has terminated its transaction with TCL--which has been stalled in regulatory review for over a year--and named both a new CEO and new Chairman of its board.

The company, which was previously known as Novatel Wireless up until the announcement of the TCL deal, said that Dan Mondor has been named CEO of the company, replacing former CEO Sue Swenson. Mondor was most recently President and CEO of Spectralink, and also was President and CEO of Concurrent Computer Corporation, President of Mitel Networks, and also served for over sixteen years at Nortel Networks. In a related move, Philip Falcone, President and CEO of HC2 Holdings, the largest shareholder in Inseego, has been named Chairman of the Board.

Inseego said it would immediately recommit to the Mi-Fi business. Falcone said in a statement that the MiFi team was "one of the most innovative engineering teams in wireless technologies" before the company's "distracting acquisitions and the expansion into IoT hardware and modules".