Otonomo Team (company pic)
Otonomo Technologies Ltd., the embattled Israeli mobility intelligence company was acquired by American based leading provider of digital roadside and mobility assistance technology and services Urgently. According to the deal, Otonomo’s shareholders and other equity holders will own, in the aggregate, approximately 33% of the combined company on a fully diluted basis, subject to the determination of the final exchange ratio pursuant to the terms set forth in the definitive agreement. The transaction is expected to close in the third quarter of 2023, subject to the approval of Otonomo’s shareholders and the satisfaction of other customary closing conditions.
The move comes after Ontonomo made major cutbacks over 2022 and at one point was even in danger of seeing its stock delisted from the NASDAQ after losing more than 90% of its value.
The company went public on the NASDAQ in mid-2021 and once held a market cap of well over $1 billion.
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Interestingly, it was less than a year ago that Ontonomo acquired the British insurtech company The Floow, a SaaS provider of connected insurance technology for major carriers globally, in a Cash and Stock deal valued at up to $69 million, including up to $37.5 million performance-based earnout.
Founded in 2013, Urgently Calls itself the leading Smart Mobility Assistance Platform at the center of the expanding mobility and connected assistance ecosystem. “We deliver mobility assistance services through a seamless, end-to-end digital platform, viewable by every stakeholder – motorist, service provider, enterprise partners, and Urgently support teams – in real time,” says the firm. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals.
Urgently’s 2022 revenue estimated at more than $185 million1; a 25% increase over Urgently’s 2021 revenue
Founded in 2015, Otonomo boasts that it is building the “preeminent mobility intelligence platform for powering the next generation of automotive, fleet, insurance, transportation, and mobility services.” Otonomo’s cloud native platform uses artificial intelligence, sensor data and behavioral pattern mapping from more than 50 million accessible connected vehicles and more than 430 million accessible mobility end devices to provide the critical insights needed to optimize vehicle insurance, emergency services, mapping, traffic management, EV management, micro-mobility, predictive maintenance, and dozens of smart city solutions.
”Merging Otonomo and Urgently is an exciting step for Otonomo that advances our vision of empowering the future of mobility and connected services,” said Ben Volkow, CEO and co-founder of Otonomo. “Mobility assistance is a real-world application for connected vehicle data and, by combining both companies’ technologies, we will provide new solutions for the betterment of customer safety, security and accessibility.”
