Positioning itself as the world’s largest telematics service provider, Softbank Vision Fund and General Atlantic-backed Cambridge Mobile Telematics (CMT) has acquired insurance tech startup Amodo for an undisclosed sum.
According to CMT, the company powers some 95 active telematics programs in 25 countries, including nine in continental Europe, and the merger will provide Amodo’s customers with access to the most advanced telematics solutions for driver risk measurement, proactive crash, and claims services, and behavioral modification to reduce driving risk.
With approximately 277 million vehicles within CMT/Amodo’s scope in Europe, a figure on par with North America, the company(s) is looking at an auto insurance market that reached €127 billion, excluding the UK in 2020, with 65% of drivers saying they would opt for usage-based insurance if their insurer offered it
According to industry analyst and consulting firm Berg Insight, the number of telematics policies in Europe will grow over 21% each year through 2025. Looking at Germany alone, actuarial firm MSK says that 10 million drivers will participate in a telematics program within the same timeframe.
On the acquisition, Amodo CEO, and now CMT Managing Director of Europe, Marijan Mumdziev commented, “We’re delighted to join CMT and unite behind their vision to make the world’s roads and drivers safer. From try-before-you-buy to pay-as-you-drive, to pay-per-mile, our team has launched over 50 telematics programs over the past nine years. We look forward to bringing our capabilities and market expertise in Europe and beyond to CMT.”