Otonomo Technologies Ltd., a platform and marketplace for vehicle data, is to become the latest mobility start-up to list on the Nasdaq after announcing a business combination with Software Acquisition Group Inc. II (Nasdaq: SAII), a publicly traded special purpose acquisition company (SPAC).
The transaction implies an equity value of approximately $1.4 billion. Following the targeted closing of the transaction in the second quarter of 2021, the combined company will be listed under the ticker symbol “OTMO”.
The Israeli start-up’s 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.
Ben Volkow, Otonomo, CEO and Founder, says: “This is an industry defining moment. Otonomo’s vehicle data platform and marketplace are primed to unleash the full potential of connected vehicle data. We have succeeded in bringing the widest diversity of data providers to a marketplace, developing a proprietary and highly scalable technology platform, and building a global and diverse network of data providers and consumers. Recent investments and our partnership with Software Acquisition Group II signify confidence in our strategy, the forward drive of our business and the significant growth opportunity that awaits. We look forward to Otonomo’s continued and increasing impact on the driving experience, unlocking new opportunities for our data consumers across multiple markets and the entire transportation ecosystem.”
Jonathan Huberman, Software Acquisition Group Inc. II, CEO, adds: “We established Software Acquisition Group Inc. II to invest in a world class software company that is positioned to be the leading player in a market that has enormous potential. We reviewed multiple potential partners and Otonomo stood out as the clear choice. Otonomo management not only identified the significant opportunity that exists in the automotive data space, but they have also achieved early market leadership and are positioned for impressive growth.”
Otonomo fuels a data ecosystem of 16 OEMs, fleets and more than 100 service providers. Its platform securely ingests more than 4 billion data points per day from over 40 million global connected vehicles