A Crewe-based transport and communications services provider has acquired a leading insuretech business based in California.
Payment and fleet services solutions company Radius Payment Solutions has bought Huntingdon Beach-based Modus, which works in the wireless and vehicle telematics space, providing services to top insurers and tech firms.
Bill Holmes the Radius CEO said Modus' app-only tracking solution was "the best we have ever seen in terms of accuracy and ease of deployment".
It's the latest in a series of acquisitions for the rapidly-growing Cheshire-headquartered Radius, following on from buying North Shields-based Frontier back in March.
Mr Holmes added: "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.”
Brandon Johnson, CEO of Modus, said: “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.
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"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."
Stephens Inc. acted as exclusive financial advisor to Radius in this transaction.
A team from EY's Manchester office, led by Steven Kingham, provided financial and taxation due diligence to Radius.