Cambridge Mobile Telematics Acquires Amodo
With acquisition, CMT accelerates global expansion — will provide even greater scale, speed, and innovation to the European market and beyond
Cambridge, MA, March 1, 2023 — Cambridge Mobile Telematics (CMT), the world’s largest telematics service provider, announced today that it has acquired Amodo, an award-winning telematics company based in Europe. The acquisition brings together two telematics companies with large and growing footprints in Europe, giving Amodo’s customers access to the most advanced telematics solutions for driver risk measurement, proactive crash and claims services, and behavioral modification to reduce driving risk. Amodo will adopt the CMT name.
CMT now powers over 95 active telematics programs in 25 countries, including nine in continental Europe. The world’s leading insurers, automakers, gig companies, fleet operators, and mobility companies offer these programs to consumers with a broad range of experiences and benefits. Users of these programs save money on insurance, become safer drivers by reducing risky behaviors such as phone distraction, and get automatic roadside assistance within minutes after a crash.
“CMT is rapidly expanding its global footprint beyond the United States, where CMT serves 21 of the top 25 insurers. In just the past few years, we’ve become the trusted partner for insurers and mobility providers on five continents,” said William Powers, CMT’s Chief Executive Officer. “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.”
“We’re delighted to join CMT and unite behind their vision to make the world’s roads and drivers safer,” said Marijan Mumdziev, Amodo’s CEO, who will become CMT’s Managing Director of Europe. “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.”
With its increased popularity and expanded consumer applications, telematics is primed for significant growth in the European market, which has 277 million vehicles, matching North America. Berg Insight forecasts that the number of telematics policies in Europe will grow over 21% each year through 2025. In Germany, the actuarial firm MSK predicts that 10 million drivers will participate in a telematics program within the same timeframe. Since the onset of the COVID-19 pandemic, consumer interest in telematics programs has increased in continental Europe, with 65% of drivers saying they would opt for usage-based insurance if their insurer offered it. In 2020, the European auto insurance market reached €127 billion, excluding the UK.
About Cambridge Mobile Telematics
Cambridge Mobile Telematics (CMT) is the world’s largest telematics service provider. Its mission is to make the world’s roads and drivers safer. The company’s AI-driven platform, DriveWell®, gathers sensor data from millions of IoT devices — including smartphones, proprietary Tags, connected vehicles, dashcams, and third-party devices — and fuses them with contextual data to create a unified view of vehicle and driver behavior. Companies from personal and commercial auto insurance, automotive, rideshare, smart cities, wireless, financial services, and family safety industries use insights from CMT’s platform to power their risk assessment, safety, claims, and driver improvement programs. Headquartered in Cambridge, MA, with offices in Budapest, Chennai, Seattle, Tokyo, and Zagreb, CMT serves millions of people through over 95 programs in 25 countries, including 21 of the top 25 US auto insurers.
Amodo is an award-winning telematics company. Amodo Connected Insurance Platform enables insurers to create and brokers to place personalized usage-based insurance (UBI) products on the market. Amodo’s clients use its platform to gain strategic insights into customers’ profiles, segment them into relevant groups, and acquire profitable ones. Over the past nine years, this European insurtech launched close to 50 connected insurance projects worldwide with some of the leading companies such as AIG, Porsche Versicherungs, Tower Insurance, P&V, and many others. Amodo was named by Financial Times as one of the top 5 Insurtech companies globally, is a winner of a prestigious Digital Insurance Agenda Diamond Award in 2020, and was named by Frost and Sullivan as the Best Practice Leader in the Usage-Based Insurance market in 2021.