Powerfleet to acquire Movingdots from Swiss Re
Powerfleet , which offers a range of telematics solutions, has signed a definitive agreement to acquire Movingdots, a provider of insurance telematics and mobility solutions, which is owned by Swiss Re.
Movingdots, in partnership with Swiss Re’s Automotive and Mobility unit, has spent nearly a decade “designing and perfecting data science algorithms” with primary insurers to provide risk-based drive style analytics for fleets and personal auto risk. The company has been looking for the right strategic growth partner to deliver these “precisely architected” insurance solutions to the global market in a “sustainable, profitable, and scalable way.”
The acquisition is expected to close in the first quarter of 2023.
“I look forward to welcoming Movingdots’ exceptional team and great customers to Powerfleet. World-class insurance telematics solutions as well as ESG reporting are core to Movingdots’ business and are highly aligned and complementary to Powerfleet’s strategic focus on safety and sustainability. We look forward to the partnership as we bring these industry-leading solutions to an expanded market through Powerfleet’s customer base and global go-to-market channels.” – Steve Towe, Chief Executive Officer at Powerfleet.
“We pride ourselves on the accuracy and reliability of our data and solutions. Achieving safer and more sustainable mobility requires engineering excellence and I am proud of the dedicated team we have built in Europe. We look forward to joining forces with Powerfleet to embrace opportunities in the corporate and commercial fleet space and to deliver innovation in mobility through cutting edge technology.” – Hendrik Todte, managing director at Movingdots.
“We are excited that we have found Powerfleet, a strong buyer for Movingdots, who has the scale and footprint to further grow the business. We are looking forward to continuing with Powerfleet and Movingdots in partnership.” – Andrea Keller, Head Automotive and Mobility, Reinsurance Solutions, at Swiss Re.
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