Powerfleet, a provider of Internet of Things (IoT) software-as-a-service (SaaS) solutions, is to acquire insurance telematics company Movingdots and a subsidiary of Swiss Re.
Powerfleet’s solutions aim to optimise the performance of mobile assets and resources to unify business operations.
Founded in 1999 and headquartered in Bremen, Germany, Movingdots is a subsidiary of Swiss Re.
According to Movingdots, the automotive industry and customer needs are changing quickly with vehicles becoming electric, shared, connected and autonomous. Movingdots develops data-driven mobility solutions for insurers, car manufacturers and platform providers worldwide to succeed through these trends.
Movingdots, in partnership with Swiss Re’s Automotive and Mobility unit, said it has spent nearly a decade designing and perfecting data science algorithms with primary insurers to provide risk-based drive style analytics for fleets and personal auto risk.
The company enables data-driven insurance propositions for insurers, car manufacturers, and mobility platform players worldwide with its actuarial insights.
By focusing on customers’ safety and security needs, and by providing transparent and comprehensive monitoring, Movingdots combines insurance analytics with artificial intelligence (AI) technology to derive an individual risk assessment.
Movingdots has been looking for the right strategic growth partner to deliver these precisely architected insurance solutions to the global market in a sustainable, profitable, and scalable way.
Steve Towe, chief executive officer at Powerfleet, said, “I look forward to welcoming Movingdots’ exceptional team and great customers to Powerfleet. World-class insurance telematics solutions as well as ESG reporting are core to Movingdots’ business and are highly aligned and complementary to Powerfleet’s strategic focus on safety and sustainability. We look forward to the partnership as we bring these industry-leading solutions to an expanded market through Powerfleet’s customer base and global go-to-market channels.”
Cambridge Mobile Telematics (CMT), a telematics service provider, has acquired fellow telematic company Amodo.
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