Amadeus Capital Partners, the European technology investor, has announced its investment in the spin out of Octo Telematics from Italian conglomerate, MetaSystem, who have funded and will continue to supply components to Octo.
The investment is led by the Italian private equity firm Montezemolo & Partners, with Rothschild Growth Capital also participating. Amadeus was selected to join the syndicate from a number of venture investors due to its mobile technology expertise, in particular as applied to the telematics sector.
Octo is a pioneering European telematics service business, working with automotive manufacturers and suppliers, insurance companies and direct subscribers. Headquartered in Rome, the company was founded in 2002 by Fabio Sbianchi, the CEO, and Giuseppe Zuco, CTO, and is a fast-growing and profitable business with turnover close to €50m (2009).
Octo Telematics counts 29 European insurance companies as its customers, including the largest groups in Europe (Octo has led the market in enabling insurance companies to offer premiums directly linked to drivers’ risk characteristics). The company is also the main source of real-time traffic information for services such as InfoBlue in Italy and, according to Bengt Insight, supplies almost a million drivers worldwide with telematics units embedded in their cars.