Collision Management Systems (CMS), the connected vehicle data specialist, working with insurers, fleets and remote worker organisations to reduce employee risk, announces a second round of funding from BGF, the UK and Ireland’s most active investor in growing businesses, to further accelerate its growth.
This investment comes as CMS passes the milestone of over 100,000 connections to its award-winning platform.
In addition, through the integrations CMS has in place with multiple global telematics vendors, the company can access over 50% of commercial vehicles with telematics installed; subject to consent of the customer.
Founded by CEO Charles Smith, CMS has taken a market lead in using the growing volume of telematics data to manage risk better and respond to incidents faster.
Four key questions
Using its proprietary platform to take in, refine and analyse data from any connected vehicle, company or person, CMS’s technology delivers solutions that answer four principal questions:
How is my organisation’s risk profile changing?
What behaviours are causing this change?
Which employees or drivers are the biggest contributors to my risk profile?
What incidents are occurring right now that need a response?
BGF first invested in July 2018
BGF 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 company has also established a strong International footprint with new customers in Europe, South America and the United States.
BGF’s long term investment strategy
This 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 focussed on the UK and abroad.
Charles Smith, CMS CEO said: “The last eighteen 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.”
James Syrotiuk, an investor at BGF who sits on the CMS board, commented: “Charles and the CMS team have developed a fantastic reputation and track record in the market in a short space of time, powered by unique and cutting-edge technology delivering significant benefits to customers.
We are proud to be CMS’s long-term investment partner and are looking forward to supporting the business as it enters its next stage of growth.”
The advisors to the transaction were:
CMS: Blaser Mills (Legal)
BGF: Freeths (Legal)