Trak Global Group acquires Intelligent Mechatronic Systems telematics business

Trak Global Group (TGG) is to acquire Canadian-based telematics company Intelligent Mechatronic Systems (IMS) 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 – significant and immediate scale in the North American market.

The combined Group will connect over half a million vehicles and generate revenues of more than $50 million (£40m).

Nick Corrie (pictured), CEO of TGG, said: “This is a breakthrough deal for TGG, one which we fought hard to secure.

“It significantly accelerates our growth as a worldwide leader in data services for the connected car.

“We already operate in the UK, Continental Europe and the Middle East, and acquiring IMS gives us expanded capability globally plus extended scale and presence in the North American market, which will fuel further rapid growth.’’

He added: “IMS has a great reputation for class-leading solutions across North America as well as in Continental Europe where, like us, they partner with a number of blue-chip insurers and mobility providers.

“Their data science capabilities and Drivesync Connected Car platform, which will be used across the Group, combined with our focus on building engaging customer propositions around cutting-edge technologies, means we are now one of the global leaders in insurance telematics and connected mobility”.

The newly-expanded Group will employ around 300 people, one-third of whom are based in North America and will provide services to a customer base which includes mobility and insurance companies, as well as 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.