Cambridge Mobile Telematics (CMT), a provider of turnkey usage-based auto insurance solutions, acquired Amodo, a similar company based in Europe, for an undisclosed amount.

Through the acquisition, CMT aims to accelerate its global expansion, as well as its scale, speed, and innovation. The acquisition will also tie both the companies’ presences in Europe together, as Amodo will now operate under the CMT brand. 

Additionally, Amodo will gain access to CMT's advanced telematics technology, which includes driver risk evaluation, proactive crash and claims management, and behavior modification to reduce driving risks.

Marijan Mumdziev, Amodo's CEO, will take on a new role as CMT's managing director in Europe.

Amodo, established in 2013, provides a connected insurance platform that enables insurers to create personalized, usage-based insurance policies, which brokers can then offer. The company has operations in Croatia and Austria.

CMT claims that it powers more than 95 active telematics initiatives in 25 countries, including nine in continental Europe. It further stated that it serves 21 of the top 25 insurers in the US.