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18 January 2024

Targa Telematics expands in insurance digitization with the acquisition of Earnix’s Drive-it spin-off.

The transaction allows Targa Telematics to integrate Drive-it, a spin-off of Earnix, a business branch active in the analysis of driver behavior using machine learning and Artificial Intelligence.

This creates Targa Drive, the Targa Telematics group’s solution dedicated to the digital transformation of the insurance industry.

 

Targa Telematics – one of the leading global players in the field of technologies dedicated to the Internet of Things (IoT) and the development of digital solutions and platforms for connected mobility – announces the acquisition of the telematics business of Earnix, global leader in the development of intelligent SaaS solutions for insurance companies and banks.

Targa Telematics will assume ownership of Drive-it, the Israeli-based business unit headquartered in Haifa, which has a solution able to develop behavioral analysis of drivers, leveraging machine learning and Artificial Intelligence technologies.

The integration of this state-of-the-art solution into its portfolio and the Israeli technology development hub will give rise to Targa Drive, Targa Telematics’ solution dedicated to the digital transformation of the insurance industry.

Targa Drive is a UBI telematics solution based entirely on smartphones, combining an app capable of collecting a large set of data related to specific driving situations, such as braking, acceleration, driving distractions, speed or cornering. The solution also allows the user to distinguish car travel from other modes of transportation, as well as the driver from the passenger.

The application also makes it possible to generate predictive and personalized scores, useful to insurance companies for defining the risk level of their policyholders and complements the range of products for the insurance world from Targa Telematics and Viasat by analyzing new sources of behavioral data, including distraction from driving, one of the most frequent causes of road accidents.

“We are continuing to invest in the integration of innovative companies that allow us to constantly raise the level of effectiveness of our solutions for designing the mobility of the future”, commented Nicola De Mattia, CEO of Targa Telematics. “By virtue of the synergies resulting from the integration of Drive-it’s know-how and state-of-the-art technologies, Targa Telematics will further strengthen its leadership in the insurance market, offering its clients an increasingly wide range of services, supporting them with personalization, and making their products profitable”.

 

 

ABOUT TARGA TELEMATICS

Targa Telematics is one of the main global players in the IoT field and in developing solutions and digital platforms for connected mobility. For over 20 years, the company has been bringing to the market a range of telematics technology solutions, smart mobility and IoT platforms for short and long-term rental companies, financial companies and large fleets, ranging from insurance telematics to asset and fleet management, from remote diagnostics and telemetry of vehicles, professional and construction vehicles, to the management of airport vehicles. Following the acquisition of Viasat Group – finalized in 2023 – Targa Telematics has strengthened its footprint in European markets – thanks to a strong presence in countries such as Italy, the UK, France, Spain, Portugal, Belgium, Poland and Romania – as well as Chile. The company is able to work on projects at international level with dedicated local teams. Targa Telematics participates to the United Nations Global Compact and adheres to its principles-based approach to responsible business.

For more information: www.targatelematics.com

 

TARGA TELEMATICS 

Elena Bellini, Head of Marketing, Mobile 39 335 135 1277 elena.bellini@targatelematics.com

Susanne Furini, Communication Manager, Mobile +39 345 7274925 susanne.furini@targatelematics.com

 

Barabino & Partners UK

Luciana Ianari, Tel.: 0044 (0)20 71526425 l.ianari@barabino.co.uk

Camilla Giacomelli, Tel.: 0044 (0)7570 561 249 c.giacomelli@barabino.co.uk