PowerFleet, a US-based web of issues (IoT) and software-as-a-service (SaaS) firm, has agreed to buy Movingdots, a subsidiary of Swiss Re.
Monetary phrases of the transaction weren’t disclosed.
Primarily based in Bremen, Germany, Movingdots offers insurance coverage telematics and mobility options which can be sustainable.
Movingdots has been working with the automotive and mobility unit of Swiss Re and insurers to develop information science algorithms.
These algorithms present risk-based drive-style analytics for fleets and private auto threat.
Movingdots’ data-powered insurance coverage options are utilized by international insurers, automakers, and mobility platform suppliers.
It leverages synthetic intelligence (AI) together with insurance coverage analytics to generate particular person threat assessments.
For Powerfleet, the acquisition is anticipated to bolster its insurance coverage capabilities, improve its SaaS functions and additional its attain and addressable market.
Powerfleet CEO Steve Towe stated: “World-class insurance coverage telematics options in addition to ESG reporting are core to Movingdots’ enterprise and are extremely aligned and complementary to Powerfleet’s strategic deal with security and sustainability.
“We stay up for the partnership as we convey these industry-leading options to an expanded market by way of Powerfleet’s buyer base and international go-to-market channels.”
Movingdots managing director Hendrik Todte stated: “We pleasure ourselves on the accuracy and reliability of our information and options. Attaining safer and extra sustainable mobility requires engineering excellence and I’m pleased with the devoted workforce we’ve got inbuilt Europe.
“We stay up for becoming a member of forces with Powerfleet to embrace alternatives within the company and business fleet house and to ship innovation in mobility by way of cutting-edge know-how.”
The deal is anticipated to finish within the first quarter of 2023.