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Zurich Insurance Group announced it has purchased 100 percent of the shares of Bright Box HK Ltd. and its subsidiaries – an acquisition designed to increase its capabilities in connected car technologies and telematics-enabled data analytics.
Financial details of the transaction were not disclosed.
Founded in 2012, Hong Kong-based Bright Box has operations in Europe and conducts business globally. It provides telematics solutions that link drivers to their vehicles, and the vehicles to networks of car dealers and original equipment manufacturers (OEMs).
“We are excited by the potential that Bright Box brings to further strengthen our offerings to car drivers and the companies that support their needs,” said Giovanni Giuliani, group chief strategy, Innovation and Business Development Officer, Zurich Insurance.
“By enhancing our capabilities in data insights and analysis, we will be able to provide our customers more tailored and convenient solutions, which is in line with our strategy,” he added.
“We are very excited to be part of Zurich with its strong international brand and ability to lead the way in the fast-changing environment of automotive insurance,” says Ken Belotsky, executive chairman and co-founder of Bright Box.
Bright Box has business relationships with leading global OEMs and hundreds of dealerships worldwide, providing the entire stack of connected car technology such as a cloud IT platform, mobile and web apps, hardware, as well as the connectivity between them, explained Zurich in a statement.
Source: Zurich Insurance