Top Telematics Provider Acquires Biggest Competitor
June 21, 2021—Cambridge Mobile Telematics, the largest mobile telematics provider, has acquired its top competitor, TrueMotion.
According to a press release, the deal closed on Wednesday and means CMT now provides telematics services to 21 out of the 25 largest auto insurers in the US.
“With this acquisition, we will use our world-class talent, technology, and scale to help our partners overcome the complex challenges of global road safety,” CMT chief executive officer William Powers says in the release. “Both companies have helped transform the auto insurance industry, powering the shift from traditional rating models to usage-based and behavior-based insurance. We are excited to work together to bring telematics solutions to the users of the 1.4 billion vehicles on the world’s roads.”
Mobile telematics, which did not exist a decade ago, is estimated to become a $125 billion market in the next five years, according to the press release.