Powerfleet, Inc. (Nasdaq: PWFL), a global leader of Internet of Things (IoT) software-as-a-service (SaaS) solutions that optimize the performance of mobile assets and resources to unify business operations, has signed a definitive agreement to acquire Movingdots, a leading provider of insurance telematics and sustainable mobility solutions based in Bremen, Germany, and a subsidiary of one of the world’s leading re-insurers, Swiss Re.
Movingdots, in partnership with Swiss Re’s Automotive and Mobility unit, 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, Movingdots 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. Movingdots has been looking for the right strategic growth partner to deliver these precisely architected insurance solutions to the global market in a sustainable, profitable, and scalable way.
“I look forward to welcoming Movingdots’ exceptional team and great customers to Powerfleet,” said Steve Towe, Chief Executive Officer at 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.”
Compelling benefits from the acquisition that are expected to support Powerfleet’s organic growth include:
• Insurance-approved solutions: Movingdots is currently owned by Swiss Re, one of the world’s leading providers of reinsurance, insurance, and other forms of insurance-based risk transfer. The insurance risk insights from Swiss Re have contributed to the creation of Movingdots’ end-to-end telematics app solution, Coloride. This adds credibility to the suite Powerfleet will offer its customers and partners.
• Enhanced Powerfleet Unity platform: Powerfleet launched its new fleet intelligence platform, Unity, at the end of 2022. Unity unites people, assets, and IoT device data together on a single platform to transform the way its customers do business. Unity is made up of six data-powered solutions, including safety and sustainability. Movingdots’ focus on delivering innovative automotive and mobility safety solutions and ESG reporting will enhance Powerfleet’s SaaS enterprise applications.
• Increased global reach and total addressable market: Movingdots’ footprint and customer base will strengthen Powerfleet’s global reach and ability to penetrate EMEA markets with wider international leadership and expanded solution offerings.
• Investment in talent: Movingdots has built a hub of excellence in Germany and beyond. Movingdots employees will strengthen Powerfleet’s current tenured and talented team, all striving to deliver on the promise of People Powered IoT.
“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.”
The acquisition is expected to close in the first quarter of 2023. Following the completion of the acquisition, all Movingdots customers will continue to receive exceptional service from the Movingdots team.