Irish IoT fleet and vehicle safety start-up CameraMatics has made its first acquisition with the purchase of Telematicus, a UK-based telematics company.
Founded in 2009, was founded 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 running high profile projects, such as being the technology partner for O2 and its O2Drive campaign. The company’s iOS and Android app called Optio helps drivers manage their risk, environmental impact, and vehicle running costs.
CameraMatics said its first acquisition will help it continue its driver-centric growth strategy. Following the deal, the Irish start-up has more than 85 employees and services 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 fleet operations implement new safety standards.
The IoT start-up saw its recurring revenue grow by 300pc in 2020 despite the challenges posed by Covid-19. Following the revenue increase, 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, CameraMatics’ CEO Mervyn O’Callaghan won the top prize at Enterprise Ireland’s HPSU Founder of the Year Award. 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. The Irish start-up aims to develop its green fleet management capabilities and better support the insurance industry through this acquisition
Earlier this year, CameraMatics was one of eight Irish companies and start-ups selected by Bord na Móna to take part in its Accelerate Green programme for businesses focusing on sustainability and climate action.
First announced last October, this accelerator aims to help Irish SMEs developing products and services based on green innovation to scale their business and help in the fight against the climate crisis.
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