Trak buys Intelligent Mechatronic Systems in telematics consolidation
British telematics company Trak Global Group has acquired Intelligent Mechatronic Systems, a Canadian firm in the same sector.
Both companies deliver telematics services and analytics to insurers, Nick Corrie, CEO of Trak Global Group, says that “owning IMS, and several patented applications of telematics, will enable Trak Global Group to shape and commercialize. It significantly accelerates our growth as a worldwide leader in data services for the connected car."
Trak Global currently operates in five countries, and this will increase its North American market presence. The combination should end up connecting more than half a million vehicles and generate over $50 million in revenue.
Realigning all of the international activities within connected insurance under IMS, the combined group will improve mobility marketing services for customers by providing list of insurance and mobility companies.
IMS’s local operation will remain with “an incredibly capable, committed and experienced management team, Corrie added.