Swiss Re has agreed to sell its Germany-based subsidiary Movingdots, a provider of insurance telematics and sustainable mobility solutions, to Powerfleet.
Movingdots’ buyer is described as a global leader of Internet of Things (IoT) software-as-a-service (SaaS) solutions that optimise the performance of mobile assets and resources to unify business operations.
In partnership with Swiss Re’s Automotive and Mobility unit, Movingdots 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.
Backed with actuarial insights, it enables data-driven insurance propositions for insurers, car manufacturers, and mobility platform players worldwide.
By focusing on customers’ safety and security needs, and by providing transparent and comprehensive monitoring, Movingdots combines insurance analytics with artificial intelligence (AI) technology to derive an individual risk assessment, the firm explained.
“We are excited that we have found Powerfleet, a strong buyer for Movingdots, who has the scale and footprint to further grow the business,” said Andrea Keller, Head Automotive and Mobility, Reinsurance Solutions, at Swiss Re. “We are looking forward to continuing with Powerfleet and Movingdots in partnership.”
According to the announcement, the acquisition is expected to close in the first quarter of 2023.
Steve Towe, Chief Executive Officer at Powerfleet, said: “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.”
Hendrik Todte, Managing Director at Movingdots, added: “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.”