Cambridge Mobile Telematics acquires Amodo, a Croatian insurtech startup
03 March, 2023, 16:13
The Massachusetts-based Cambridge Mobile Telematics, a telematics service provider, has acquired Amodo, a telematics company based in Zagreb and Vienna. The acquisition will help to accelerate the CMT expansion and to provide Amodo access to advanced telematics solutions.
- Amodo develops a platform that enables insurance companies to create and brokers to place hyper-personalized usage-based insurance products on the market. Amodo’s platform helps to gain strategic insights into customers’ profiles, segment them into relevant groups, and acquire profitable ones. Over the past nine years, it launched 50 connected insurance projects with companies such as AIG, Porsche Versicherungs, Tower Insurance, P&V, and others.
- Cambridge Mobile Telematics develops AI-based platform DriveWell that gathers sensor data from IoT devices (smartphones, proprietary Tags, connected vehicles, dashcams, and third-party devices), fuses them with contextual data to create a unified view of the vehicle and driver behavior. It powers risk assessment, safety, claims, and driver improvement programs. CMT is headquartered in Cambridge, MA, with offices in Budapest, Chennai, Seattle, Tokyo, and Zagreb.
“We’re strengthening our European efforts by adding Amodo’s expansive market knowledge and deep relationships, and doubling our team in Europe to over 100 people to enable more European organizations to realize the incredible benefits of telematics — all while saving lives on the road,”said William Powers, CMT’s CEO
- With the acquisition, CMT will accelerate its global expansion, and Amodo’s customers will have access to telematics solutions for driver risk measurement, proactive crash, and claims services, and behavioral modification to reduce driving risk. Amodo will adopt the CMT name. Marijan Mumdziev, Amodo’s CEO, will become CMT’s Managing Director of Europe.