- Cell and scoring expertise from The Floow mixed with OEM-grade linked car information from Otonomo to enhance constancy of insights and predictive analytics for insurers
- Money and Inventory deal valued at as much as $69 million, together with as much as $37.5 million performance-based earnout
HERZLIYA, Israel and SHEFFIELD, United Kingdom, Feb. 28, 2022 (GLOBE NEWSWIRE) — Otonomo Applied sciences Ltd. (Otonomo) (Nasdaq: OTMO), the mobility intelligence firm, introduced right this moment that it has entered right into a definitive settlement to accumulate The Floow, a privately held firm headquartered in Sheffield, United Kingdom, in a money and inventory deal valued at roughly $69 million, together with a efficiency primarily based earnout of as much as $37.5 million. Below the definitive settlement, the mixture money and inventory consideration to be paid and issued upon closing is valued at $31.5 million primarily based on a share value of $2.75. Otonomo might difficulty more 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 U.Okay. regulators and is predicted to shut inside the second quarter of 2022. The Floow’s preliminary and unaudited income was between $6.5 million and $7 million for 2021.
The Floow is a SaaS supplier of linked insurance coverage expertise for main carriers globally. The mix of auto and cell information from Otonomo and The Floow will likely 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 the preeminent mobility intelligence platform for powering the subsequent era of automotive, fleet, insurance coverage, transportation, and mobility providers. Otonomo’s cloud native platform makes use of synthetic intelligence, sensor information and behavioral sample mapping from greater than 50 million accessible linked automobiles and greater than 430 million accessible mobility finish gadgets to supply the important insights wanted to optimize car insurance coverage, emergency providers, mapping, visitors administration, EV administration, micro-mobility, predictive upkeep, and dozens of sensible metropolis options.
Over the past decade, The Floow has constructed a portfolio of linked insurance coverage purchasers, alongside strategic partnerships with Munich Re and TransUnion. The Floow’s information refinery platform permits world main insurance coverage carriers to introduce “connectivity” to their merchandise and differentiate their choices by a extra exact understanding of danger within the context of customized services and products, improved street security by driver teaching and well timed, correct roadside help.
The mix of the 2 corporations is predicted to combine The Floow’s car insurance coverage instruments, inbuilt partnership with insurance coverage corporations, with Otonomo’s mobility intelligence platform constructed on OEM car information. Collectively, Otonomo and The Floow will provide linked insurance coverage options powered by the total spectrum of knowledge sources (OEM, cell and aftermarket gadgets), producing insurance-grade scores and person analytics no matter information origin.
“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 information, create new merchandise, enhance buyer experiences and speed up enterprise transformation,” mentioned Ben Volkow, CEO of Otonomo. “We’re happy to be becoming a member of forces with The Floow’s CEO Aldo Monteforte, a visionary in his subject, and your entire group.”
“I couldn’t be prouder to announce we’re becoming a member of the Otonomo group. It is a large, daring step that brings us nearer to our imaginative and prescient of safer and smarter mobility for all,” mentioned The Floow’s CEO Aldo Monteforte. “Our purchasers and companions, a few of the main insurers of the world, may have entry to a major and distinctive set of knowledge merchandise, instruments and sources to assist them compete and thrive in a linked new world forward.”
“The Floow offers us with the technical underpinnings essential to create superior, data-driven merchandise,” mentioned Joachim Mathe, Head of International Consulting at Munich Re. “Otonomo provides appreciable information science heft to the Floow’s sturdy insurtech telematics expertise. Their mixed providing will strengthen our place for the tidal wave of innovation coming within the auto insurance coverage house.”
“Insurers have acknowledged telematics as a vital functionality to compete within the auto enterprise,” mentioned Matteo Carbone, founding father of the IoT Insurance coverage Observatory. “The way forward for the business lies in data-driven and proactive choices the place danger switch and providers are built-in. The mix of Otonomo and The Floow is a brilliant transfer. Collectively, they will present insurers with a imaginative and prescient and mobility information property able to supporting their innovation journey.”
About Otonomo:
Otonomo fuels an information ecosystem of OEMs, fleets, and greater than 100 service suppliers spanning the transportation, mobility, and automotive industries. Our platform securely ingests greater than 4 billion information factors per day globally from over 50 million automobiles licensed on the platform and big quantities of mobility demand information from multimodal sources, then reshapes and enriches it, to speed up time to marketplace for new providers that enhance the mobility and transportation expertise. We offer deeper visibility and actionable insights to empower strategic data-driven choices – taking the guesswork out of mobility and transportation planning, deployment, and operations. Privateness by design and neutrality are on the core of our platform, which permits GDPR, CCPA, and different privacy-regulation-compliant options utilizing each private and combination information. Use circumstances embrace emergency providers, mapping, visitors administration, EV administration, subscription-based providers, micro-mobility, parking, predictive upkeep, insurance coverage, media, in-vehicle providers, and dozens of sensible metropolis options.
Extra data is accessible at otonomo.io
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About The Floow
Primarily based in Sheffield, U.Okay., The Floow is a number one telematics service supplier constructed on the mission to make mobility safer and smarter for everybody.
We do that by delivering Related Insurance coverage options to motor insurers that:
- Enhance their means to evaluate dangers by a collection of behavioral scores which might be extremely predictive of claims propensity and enhance danger differentiation in comparison with conventional danger fashions.
- Cut back working prices by partaking drivers to assist them enhance their efficiency and turning them into companions in danger prevention, stopping fraud and delivering on well timed First Discover of Loss.
- Acquire information from smartphones in addition to most different sensing gadgets in an agnostic style.
Over time, The Floow has been acknowledged with plenty of awards, together with the Made in Sheffield Mark, the Prince Michael Worldwide Highway Security Awards, the Queen’s Enterprise Award (Innovation) for 2016, the Pink Herring 100 in 2017 and the Diamond Award in 2017.
The Floow’s FloowDrive product was named Greatest Smarter Journey Innovation on the Smarter Journey Awards, The Floow was named winner of the Know-how Innovation within the European Utilization-based Insurance coverage Business from Frost & Sullivan in 2018 and Winner of the Insurance coverage Instances Tech and Innovation Knowledge Analytics Excellence Award in 2019, and The Floow’s FloowCoach program was named Personal Sector Initiative of the 12 months on the 2020 Younger Driver Focus Awards.
For extra data please go to: www.thefloow.com
Ahead Wanting Statements
This announcement comprises sure forward-looking statements inside the that means of the federal securities legal guidelines, together with statements relating to the providers supplied by Otonomo, the anticipated technological functionality of The Floow, the anticipated advantages of the acquisition of the Floow, the quantity and timing of synergies from the acquisition of the Floow, the anticipated technological functionality of Otonomo, the markets by which Otonomo operates and Otonomo’s projected future monetary and operational outcomes. These forward-looking statements usually are recognized by the phrases “consider,” “venture,” “count on,” “anticipate,” “estimate,” “intend,” “technique,” “future,” “alternative,” “plan,” “might,” “ought to,” “will,” “would,” “will likely be,” “will proceed,” “will seemingly consequence,” and comparable expressions. Ahead-looking statements are predictions, projections and different statements about future occasions which might be primarily based on present expectations and assumptions and, consequently, are topic to dangers and uncertainties. Many elements may trigger precise future occasions to vary materially from the forward-looking statements on this announcement, together with however not restricted to, the power to implement enterprise plans, forecasts, and different expectations, the power to determine and notice further alternatives, and potential adjustments and developments within the extremely aggressive information market. The foregoing record of things isn’t exhaustive. It is best to fastidiously contemplate the foregoing elements and the opposite dangers and uncertainties described in Otonomo’s prospectus filed with the SEC on November 3, 2021, and different paperwork filed by Otonomo every now and then with the SEC. These filings determine and handle different necessary dangers and uncertainties that would trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements communicate solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and Otonomo assumes no obligation and doesn’t intend to replace or revise these forward-looking statements, whether or not because of new data, future occasions, or in any other case. Otonomo provides no assurance that it’ll obtain its expectations.
Preliminary Monetary Outcomes of The Floow
The preliminary income of The Floow included on this launch is a preliminary consequence are on the knowledge obtainable to The Floow right now. There are materials limitations inherent in making estimates of The Floow’s outcomes previous to the completion of its regular monetary closing procedures, and its precise income might range from this estimated preliminary consequence introduced on this launch because of the completion of The Floow’s monetary closing procedures and last changes. The estimated preliminary income has not been audited or reviewed by the Floow’s unbiased registered public accounting agency. Accordingly, you shouldn’t place undue reliance on this preliminary information.
