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CameraMatics aims to develop its green fleet management capabilities and better support the insurance industry through its first acquisition.
Irish IoT fleet and vehicle safety start-up CameraMatics has made its first acquisition, snapping up UK-based telematics company Telematicus.
Founded in 2009, Telematicus was started by professionals with backgrounds and experience in automotive service, repair, diagnostics, manufacturing and information engineering.
The telematics company works within the insurance industry with a focus on reducing risk for insurers, and was the technology partner for O2 and its O2 Drive campaign. The company’s iOS and Android app called Optio helps drivers manage their risk, environmental impact and vehicle running costs.
CameraMatics said this acquisition will help it continue its driver-centric growth strategy. Following the deal, the Irish start-up will have more than 85 employees and service more than 900 commercial fleets.
Formerly called ProVision, CameraMatics has developed a full-stack SaaS platform that uses camera technology, vision systems, AI, machine learning and telematics to help manage fleet operations.
Its fleet management system aims to reduce accidents, improve efficiencies and manage compliance.
CameraMatics raised €4m in a Series A funding round at the start of 2021 to help expand in the US and mainland Europe and accelerate product development.
Last June, its CEO Mervyn O’Callaghan won the top prize at Enterprise Ireland’s HPSU Founder of the Year Awards. Coming from a background as a qualified accountant, O’Callaghan founded the company along with Simon Murray in 2016.
CameraMatics said it has grown rapidly in Europe and North America, achieving 170pc year-on-year growth. Earlier this year, it was also one of eight Irish companies selected by Bord na Móna to take part in its Accelerate Green programme for businesses focusing on sustainability and climate action.
With the acquisition of Telematicus, the Irish start-up now aims to develop its green fleet management capabilities and better support the insurance industry.
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