Bright Box’s AI-First Connected Car Technology Platform will contribute to Zurich’s leadership in the ‘smart car’ sector
“Hampleton helped us find a great partner to continue to grow the Remoto platform, including its many insurance capabilities,” says Ken Belotsky, Executive Chairman and Co-Founder of Bright Box. “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.”
This acquisition helps Zurich expand its focus on mobility through tailored services, enhanced by digital interactions with car drivers and closer collaboration with car dealerships, NSC and OEMs.
Miro Parizek, Principal Partner at Hampleton, says: “In advising and connecting Bright Box with Zurich, we have found that both can further develop the platform and offering”. He continues: “Our experienced executives achieved this game-changing deal using their strategic understanding of AI, automotive technology and financial markets.”
David Riemenschneider, transaction lead and automotive industry expert, commented: “It has been a great pleasure advising the Bright Box executive team, whose strong motivation, incredible talent and drive has enabled them to create a market-leading turn-key connected car platform. It is great to see that M&A in automotive technology truly is the new R&D, especially for traditional companies taking on highly advanced automotive technology.”
The engagement was led by David Riemenschneider with Miro Parizek, Anton Røthe and Nicholas Milligan rounding out the transaction team for Hampleton.
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About Bright Box
Bright Box is a global vendor of solutions and platforms for the connected car industry. The Connected Car platform from Bright Box is in trial operation by many vehicle manufacturers from Europe through the Middle East to Asia. Bright Box was declared one of the top five vendors in the Connected Car market from 2017 to 2021 by Technavio and one of the top 300 companies in the Internet of Things field according to Berg Insight.
Further information about Bright Box is available at www.remoto.com.
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 54,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX.
Further information about Zurich is available at www.zurich.com.