Overview of Transaction
- On June 17, 2021, Cambridge Mobile Telematics (CMT) announced it has acquired TrueMotion, provider of a leading smartphone driving data platform
- CMT will now provide telematics services to 21 out of the 25 largest auto insurers in the United States, and across more than 20 countries, including Canada, the United Kingdom, Germany, South Africa, Japan, and Australia
- This acquisition also strengthens CMT’s ability to help insurers and the mobility industry modernize emergency response and claims processes
- The advancements build on the companies’ innovations for real-time crash detection and AI-based crash reconstruction using high-frequency sensor data.
- The technology enables organizations to dispatch roadside assistance within seconds of a crash, receive detailed information about a crash in minutes, and improve damage assessment for insurance claims.
- TrueMotion’s CEO, Ted Gramer, will become CMT’s Chief Operating Officer
Significance of Transaction
- This acquisition unites the two leading companies in the rapidly growing mobile telematics industry
- Mobile telematics, which did not exist a decade ago, is estimated to become a $125 billion market in the next five years, powering the next generation of digital auto insurance
FT Partners' Role
- FT Partners served as exclusive financial and strategic advisor to TrueMotion
- This transaction highlights FT Partners’ deep domain expertise in the InsurTech sector, as well as its successful track record generating highly favorable outcomes for high-growth FinTech companies