Collision Management Systems has secured additional funding from equity investor BGF as it looks to grow its business further.
Founded in 2012 by CEO Charles Smith, CMS collects data from connected vehicles to help fleets and insurers cut risks and claims costs. Its incident and risk management platform is used by more than 100,000 vehicles globally and, thanks to its partnerships with global telematics vendors, it says it has the ability to access over 50% of all connected commercial vehicles in the UK and Americas.
Its plans for growth are being fast-tracked under a second round of funding from BGF, which first invested in CMS in July 2018 to accelerate its market expansion and secure multiple licensing deals with insurers, fleets and global resellers, as well as hire critical product and commercial staff. Since then, the business has more than doubled its staff and tripled its customer base.
The follow-on funding is part of a long-term investment strategy with BGF and will support further investment into CMS’ sales, delivery and engineering teams focused on the UK and abroad.
Charles Smith said: “The last 18 months have been fantastic for CMS, building on our existing momentum and investing in our software, services and people to deliver accurate data and stand-out customer service to our growing client base.
“We’re delighted to have comfortably passed the significant milestone of 100,000 connected vehicles and integrations completed with over 50 telematics brands, which is testament to the hard work of a great team. With the continued funding and support of BGF and our shareholders, we’re looking forward to expanding our operations further, taking advantage of a thriving market both in the UK and internationally. On the current trajectory, we should pass 250,000 connections before the end of the year.”
