Trak Global Group (TGG), a British telematics company that provides the technology for almost 25% of usage-based insurance policies in the UK, is to acquire Canada’s Intelligent Mechatronic Systems Inc (IMS), based in Waterloo Region and operating globally, for an undisclosed fee.
The deal will give Trak Global Group, which is also Europe’s leading telematics supplier to the vehicle rental and mobility sector – significant and immediate scale in the North American market. The combined Group will connect over half a million vehicles and generate revenues of well over $50 million USD.
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