Octo Telematics (Octo) has announced its acquisition of the Mobility Solutions business of Tecnologienelle Retienei Sistemi T.R.S. S.p.A (TRS), for €7m in cash.
Octo provides a full suite of solutions for motor insurers and fleet managers,connecting over 4.6 million users globally. By integrating Mobility Solutions into its current portfolio, Octo will be the only telematics vendorable to offer a triple play solution –covering insurance, fleet and car sharing management needs for its customers.
Mobility Solutions technology, which leverages a robust cloud platform to help customers manage their fleet and car-sharing services (including corporate car sharing), is currently used by 10 car sharing operators in 14 cities, across almost 4,000 vehicles, including scooters, and more than 500,000 rentals a month.By incorporating Mobility Solutions into Octo’s existing platform, and uniting the portfolio of Mobility Solutions users, Octo will support over 4.6 million connected users through its insurance platform and an additional 600,000 registered users on its mobility platform per year-totaling more than 5.2 million users annually. This will be in addition to the nearly 6 million rentals Mobility Solutions already services annually,with significant growth opportunities in Europe and the US in both the fleet & car-sharing management spaces.
“As a pioneer in the telematics space, we are continually examining ways we can innovate and provide our customers with first-in-industry telematics solutions,” said Octo Mobility Solution CEO and Octo Co-Founder Giuseppe Zuco. “Our acquisition of Mobility Solutions enables us to provide our customers with a truly integrated mobility platform powered by the most advanced technology in the industry. From driver identification to insurance risk evaluation, Octo can support the broad scope of management challenges.”
The acquisition comes at a pivotal moment in the global automotive industry, as vehicles are increasingly being adapted to the new connected landscape being enabled by telecommunications solutions. Per the Ptolemus Consulting Group, nearly 100 million vehicles will be insured with telematics policies by 2020, rising to nearly 50% of vehicles globally by 2030.With this expansion in telematics-enabled services, solutions that also offer flexible, effective fleet and ride-sharing management functionality will provide customers the opportunity to streamline all their potential telematics-enabled operations.
The new Mobility Solution technologies and services resulting from the acquisition will provide Octo’s Mobility Solution platform with built-out capabilities in bothpersonal and corporate car-sharing services, parking management, and enhanced cloud-based fleet management. Combining the new technologies and expertise into Octo’s comprehensive Mobility Solution platform, as well as investing additional resources into the platform’s evolution, will not only help the company service more customers annually- but will allow Octo to provide enhanced service to existing & prospective insurance partners who want to better understand the mobility and car-sharing space.
Currently, the triple play telematics offering will be available in Italy, with further European and US rollouts infirst half 2017.