One of the stars of the Yorkshire tech scene has been snapped up in a deal worth a potential 拢52 million.
Sheffield-based The Floow has developed a mobile and scoring telematics technology for the connected insurance industry. Its revenue was estimated at around 拢5m for 2021.
Israeli firm Otonomo Technologies, a mobility intelligence company listed on the Nasdaq in New York, said the cash and stock deal was valued at around 拢52m including a performance-based earnout of up to 拢28m.聽
The acquisition is subject to approval by UK regulators and is expected to close within the second quarter of 2022.聽
Otonomo鈥檚 cloud platform uses artificial intelligence, sensor data and behavioural pattern mapping from more than 50m accessible connected vehicles and more than 430m accessible mobility end devices to provide insights for the optimisation of vehicle insurance, emergency services, mapping, traffic management, EV management, micro-mobility, predictive maintenance and dozens of smart city solutions.
The firms said the combination of vehicle and mobile data from Otonomo and The Floow will be crucial to enabling innovative, usage-based and behavioural-based insurance products. The aim is to move from 鈥榙etect and repair鈥� to 鈥榩redict and prevent鈥� models to create safer, greener and smarter driving experiences for policy holders.
鈥淭ogether, we believe Otonomo and The Floow will create the opportunity for both OEMs and insurance companies to accelerate the utilisation of their data, create new products, improve customer experiences and accelerate business transformation,鈥� said Ben Volkow, CEO of Otonomo.聽
鈥淲e are pleased to be joining forces with The Floow鈥檚 CEO Aldo Monteforte, a visionary in his field, and the entire team.鈥�
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Monteforte said: 鈥淚 could not be prouder to announce we are joining the Otonomo team. This is a big, bold step that brings us closer to our vision of safer and smarter mobility for all.
“Our clients and partners, some of the leading insurers of the world, will have access to a significant and unique set of data products, tools and resources to help them compete and thrive in a connected new world ahead.鈥�