Zurich Insurance Group AG acquired a 100% stake in Hong Kong-based vehicle communications specialist Bright Box HK Ltd. and its subsidiaries.
The financial terms of the deal were not disclosed.
Bright Box, which was found in 2012, has operations in Europe and conducts business globally. The company provides telematics solutions, which link drivers to their vehicles and vehicles to networks of car dealers and manufacturers.
The transaction is expected to expand the Swiss insurer's focus on mobility through tailored services, enhanced by digital interactions with car drivers and closer collaboration with car dealers and original equipment manufacturers.
Bright Box said it will continue to operate as a separate business entity and all co-founders of the company, including CEO Ivan Mishanin and Executive Chairman Ken Belotsky, will continue to manage its operations leveraging capabilities provided by Zurich.