Radius increases global telematics reach with US acquisition

Crewe-based fuel card and telematics company Radius Payment Solutions has acquired a US insuretech business, for an undisclosed sum, which it says continues its strategy of building a globally leading range of telematics and connected vehicle products.

Modus is a leading insuretech business based in Huntington Beach, California.

It has been a pioneer in the wireless and vehicle telematics space and provides services to many of the world’s leading insurers and technology companies.

Bill Holmes, Radius chief executive, said: “Brandon, Tim and the team at Modus have built a fantastic technology platform over the last 10 years and their App-only tracking solution is the best we have ever seen in terms of accuracy and ease of deployment.

“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, Modus chief executive, 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.

“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.