Acquisition will create unique value proposition for automotive Industry.
Bright Box HK Limited (Bright Box) announced that it has been acquired by Zurich Insurance Group (Zurich).
Bright Box was founded in 2012, has operations in Europe and conducts business globally. It provides a turn-key connected car platform that links drivers to their vehicles, and the vehicles to networks of car dealers and original equipment manufacturers (OEMs).
Bright Box already has business relationships with leading global OEMs and hundreds of dealerships worldwide, providing the entire stack of connected car technology like cloud IT platform, mobile and web apps, telematics hardware, as well as the connectivity between them.
Zurich’s strategy is focused on providing simple and innovative propositions through products and services centered on customer needs. Bright Box will contribute to further expanding Zurich’s focus on mobility through tailored services, enhanced by digital interactions with car drivers and closer collaboration with car dealers and OEMs.
Giovanni Giuliani, Group Chief Strategy, Innovation and Business Development Officer, said:
“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. 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.”
“It is a great honor and tremendous opportunity for us 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 will continue to operate as a separate business entity and all co-founders of the company, including Ivan Mishanin (CEO), Alex Dimchenko (CSO) and Ken Belotsky (Executive Chairman), will continue to manage its operations leveraging capabilities provided by the new shareholder.