HERZLIYA, ISRAEL, Aug. 13, 2021 (GLOBE NEWSWIRE) -- Otonomo Technologies Ltd. (“Otonomo”) (Nasdaq: OTMO), a premier one-stop shop for vehicle data, and Software Acquisition Group Inc. II (Nasdaq: SAII) (“Software Acquisition Group”), a publicly traded special purpose acquisition company, today announced the completion of their previously announced business combination to form a leading mobility data platform through a data ecosystem of OEMs, fleets and more than 100 service providers. The combined company will retain the name Otonomo Technologies Ltd., and its ordinary shares and warrants are expected to commence trading on Nasdaq on August 16, 2021 under the ticker symbols “OTMO” and “OTMOW,” respectively.
SAII stockholders approved the business combination at a special meeting on August 12, 2021.
The business combination, which implies an equity value of approximately $1.26 billion, will fund Otonomo’s growth, accelerate its go-to-market strategy, strengthen its leadership position and unlock new use cases and end markets.
Otonomo’s management team, led by CEO and Founder Ben Volkow, will continue to lead Otonomo. Jonathan Huberman, CEO of Software Acquisition Group, joined the Board of Directors of Otonomo upon consummation of the business combination.
Ben Volkow, Otonomo CEO said
“Today marks an important milestone in Otonomo’s journey to globalize the company and operate as a publicly traded company. Joining the public market with Software Acquisition Group is part of our commitment to transparency, growth and profitability. We look forward to adding investors to our stakeholder community and leveraging all available resources to enhance relations with our top tier clients.”
“Otonomo’s mission is to harness the immense potential of vehicle data and provide thousands of organizations across a broad range of markets the ability to seamlessly access, explore, analyze, and unlock the full power of vehicle data. The momentum of our business lays the groundwork to a significant growth opportunity. We will continue to positively impact the driving experience and create new opportunities for our data consumers across multiple markets and the entire transportation ecosystem.”
Jonathan Huberman, Software Acquisition Group II (SAII) CEO said
"On behalf of the Software Acquisition Group team, I am excited to announce the closing of this transaction, bringing Otonomo to the public markets. Ben and his team not only identified the significant opportunity that exists in the automotive data space, but also are early market leaders positioned for impressive growth. We look forward to being their partners for this next chapter.”
Transaction Overview
As a result of the business combination, Otonomo has received approximately $255.1 million in gross proceeds comprised of approximately $112.6 million of cash held in trust following Software Acquisition Group’s public stockholder redemptions and $142.5 million from a private placement in public equity (PIPE), including investments from institutional investors Fidelity Management & Research Company LLC, BNP Paribas Asset Management Energy Transition Fund and Senvest Management LLC, with support from strategic investors Dell Technologies Capital and Hearst Ventures.
Advisors
Citigroup served as financial advisor to Otonomo, and Latham & Watkins LLP and Gross Law Firm served as legal advisors to Otonomo. B. Riley Securities served as placement agent for the PIPE and as capital markets advisor to Software Acquisition Group. Kirkland & Ellis LLP and Gornitzky & Co served as legal advisor to Software Acquisition Group.
About Otonomo
Otonomo fuels a data ecosystem of OEMs, fleets and more than 100 service providers. Our platform securely ingests more than 4 billion data points per day globally from over 40 million vehicles licensed on the platform, then reshapes and enriches it, to accelerate time to market for new services that improve the in-and-around the car experience. Privacy by design and neutrality are at the core of our platform, which enables GDPR, CCPA, and other privacy-regulation-compliant solutions using both personal and aggregate data. Use cases include emergency services, mapping, EV management, subscription-based services, parking, predictive maintenance, insurance, media, in-vehicle services, traffic management, and smart city solutions. Otonomo is headquartered and has an R&D center in Israel, and it has a presence in the United States, and Europe.
For more information, visit www.otonomo.io.
