Otonomo Technologies has entered into a definitive agreement to merge with Urgent.ly in an all-stock transaction, it said in a company press release dated 9 February. Upon the closing of the transaction, Otonomo’s shareholders will receive common stock of Urgent.ly and Otonomo will be a wholly owned subsidiary of the company. Urgent.ly and Otonomo shareholders will own about 67% and 33%, respectively, of the combined company on a fully diluted basis.
“This transaction enables us to transform the current reactive roadside experience and deliver on the promise of connected mobility. 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,” said Matt Booth, CEO of Urgent.ly.
Significance: The combined company will appoint Matt Booth as the CEO and Tim Huffmyer as the CFO. Ben Volkow will join the Board of Directors and will have an advisor role with the combined company. The transaction is expected to close in the third quarter of 2023.
The merger will see the combination of different but complimentary technology portfolios related to advanced data processing and analytics, connected insurance, mobility assistance network management, and service delivery.
