Otonomo Technologies, a platform powering the mobility economy, is to merge with US-based roadside and mobility assistance technology and services company Urgently to create a platform for mobility, insurance, and other services.
Otonomo is a connected car data platform which lets consumers access more personalised services, and convenient road experiences, the company claims. Its solution secures, normalises, aggregates and enriches automotive data and transforms this into services such as energy usage insights, insurance, real-time weather updates, and others.
Urgently’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.
The definitive agreement will see the companies merge in an all-stock transaction. As a result of the transaction, Urgently expects that its shares of common stock will be listed under the ticker symbol “ULY”.
Upon closing of the transaction, which has been approved by each company’s board of directors, holders of Otonomo’s ordinary shares will receive common stock of Urgently. Otonomo’s shareholders and other equityholders 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.
According to Otonomo, the combined company is positioned to power the present and future of connected mobility services, as well as creating safe, customer-centric assistance services for automotive OEMs, insurance, rental and fleet partners and their customers.
Matt Booth, CEO of Urgently, said “The addition of Otonomo’s mobility data uniquely positions Urgently to capitalize on the connections between vehicle data and the fleet, insurance and roadside assistance sectors to provide real-world services that will improve customer experiences and safety.”
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