Trak Global Group (TGG) is to acquire Intelligent Mechatronic Systems Inc (IMS), based near Toronto in Canada and operating globally, for an undisclosed fee.
The deal will give Trak Global Group – which already provides the technology for almost 25% of usage-based insurance policies in the UK, as well as being telematics supplier to the vehicle rental and mobility sector – significant and immediate scale in the North American market. The combined Group will connect over half a million vehicles and generate revenues of well over $50m.
The newly-expanded Group will comprise around 300 people, a third of whom are based in North America, providing services to a customer base which includes a long list of insurance and mobility companies as well as major vehicle manufacturers. The Group will realign all its international activities within connected insurance under the IMS brand, and its services to the mobility market under the Trak Global brand.
Source: Press Release