Otonomo Technologies, Ltd, an Israeli provider of a platform and marketplace for vehicle data, entered into a definitive agreement with Software Acquisition Group, Inc. II (Nasdaq: SAII), a US publicly traded special purpose acquisition company, for a business combination.
Pursuant to the transaction, Software Acquisition will combine with Otonomo at an estimated $1.4 billion pro forma equity value.
Upon closing of the deal, the combined company operates under the Otonomo name and listed on Nasdaq under the new ticker symbol “OTMO”.
Founded in 2015 and led by Ben Volkow, CEO and Founder, Otonomo has built a vehicle data platform and marketplace that now fuels an ecosystem of 16 OEMs, fleets and more than 100 service providers. The platform ingests more than 4 billion data points per day from over 40 million global connected vehicles, then reshapes and enriches them, in order to accelerate the time to market for new services that improve the in-and-around the car experience. The platform allows automotive OEMs the opportunity to create new revenue streams by enabling the utilization of the vast amounts of data vehicles generate on a daily basis and that OEMs are required to store and maintain.
In addition to its proprietary data platform, Otonomo has developed a suite of SaaS offerings that provide data consumers with additional capabilities and vertically specific applications.
Otonomo vehicle data is being utilized by organizations and businesses across diverse areas, including, but not limited to fleet management, insurance, in-vehicle management, emergency services, mapping, electric vehicle (EV) management, subscription-based services, parking, predictive maintenance, in-vehicle services, traffic management and smart cities.
The company is headquartered and has an R&D center in Israel, and it has a presence in the United States, and Europe.