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Israeli car knowledge platform Otonomo (Nasdaq: OTMO) introduced at the moment that it has entered right into a definitive settlement to accumulate The Floow, a privately held UK-based firm, in a money and inventory deal price $69 million, together with a efficiency primarily based funds of as much as $37.5 million.
Beneath the settlement, the combination money and inventory consideration to be paid and issued upon closing is valued at $31.5 million primarily based on a share worth of $2.75. Otonomo could subject extra money and inventory of as much as $37.5 million dependent upon achievement of sure enterprise efficiency goals. The acquisition is topic to approval by UK regulators and is anticipated to shut within the second quarter of 2022. The Floow’s preliminary and unaudited income was between $6.5 million and $7 million for 2021.
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The Floow is a SaaS supplier of linked insurance coverage know-how for main carriers globally. The mix of car and cell knowledge from Otonomo and The Floow will probably be essential to enabling modern, utilization primarily based and behavioral primarily based insurance coverage merchandise and to maneuver from “detect and restore” to “predict and forestall” fashions to create safer, greener and smarter driving experiences for coverage holders.
Otonomo is constructing a mobility intelligence platform for powering the subsequent technology of automotive, fleet, insurance coverage, transportation, and mobility companies. Otonomo’s cloud native platform makes use of AI, sensor knowledge and behavioral sample mapping from greater than 50 million accessible linked autos and greater than 430 million accessible mobility finish gadgets to supply the important insights wanted to optimize car insurance coverage, emergency companies, mapping, visitors administration, EV administration, micro-mobility, predictive upkeep, and dozens of sensible metropolis options.
During the last decade, The Floow has constructed a portfolio of linked insurance coverage purchasers, alongside strategic partnerships with Munich Re and TransUnion. The 2 corporations will combine The Floow’s car insurance coverage instruments, in-built partnership with insurance coverage corporations, with Otonomo’s mobility intelligence platform constructed on OEM car knowledge. Otonomo and The Floow will provide linked insurance coverage options powered by the complete spectrum of knowledge sources (OEM, cell and aftermarket gadgets), producing insurance-grade scores and consumer analytics no matter knowledge origin.
Otonomo CEO Ben Volkow mentioned, “Collectively, we consider Otonomo and The Floow will create the chance for each OEMs and insurance coverage corporations to speed up the utilization of their knowledge, create new merchandise, enhance buyer experiences and speed up enterprise transformation.”
Otonomo’s share worth is down 1.41% on Nasdaq at the moment, giving the corporate a market cap of over $185 million.
Printed by Globes, Israel enterprise information – en.globes.co.il – on February 28, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
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