March 1 (SeeNews) - US telematics service provider Cambridge Mobile Telematics (CMT) said on Wednesday it has acquired for an undisclosed sum Amodo, a Croatia-based insurtech company.
“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,” according to a press release published on Amodo’s website.
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Amodo will adopt the CMT name.
“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,” CMT’s CEO William Powers said in a press release.
Amodo Connected Insurance Platform enables insurance companies to create and brokers to place hyper-personalized usage-based insurance products on the market.
“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,” Marijan Mumdziev, Amodo’s CEO and founder who will become CMT’s managing director of Europe, said.