Californian insurtech acquisition for Cheshire firm
A Californian “pioneer” in wireless and vehicle telematics has been acquired by Crewe-based Radius.
Based in Huntington Beach, California, Modus provides services to insurers and technology companies around the world.
“Brandon, Tim and the team at Modus have built a fantastic technology platform over the last 10 years and their App-only tracking solution is the best we have ever seen in terms of accuracy and ease of deployment,” said Radius CEO, Bill Holmes.
“This move not only strengthens our North American tracking business but gives us some exciting new products to sell across our global footprint. In particular their Insurance linked App is an important part of the jigsaw in our plan to create a market leading Division that uses technology as a key differentiator in new products such as ‘Pay as you Drive’. We look forward to welcoming their team and to hopefully meeting some of them face to face as the world starts to recover over the months ahead.”
Financial details of the deal haven’t been released.
“Becoming a part of the Radius business will give Modus reach and access to customers on a global scale that we have never had before. We are excited to contribute to the Radius product portfolio with some of the best telematics solutions in the industry. We are also confident that Radius Telematics’ wide range of solutions will have a huge impact on the North America market” added Brandon Johnson, Modus CEO.