With this acquisition, Otonomo and The Floow will be able to create a holistic data landscape comprised of mobile and OEM data and Mobility Intelligence.
The combination of the two companies will integrate The Floow’s superior telematics solutions, with Otonomo’s mobility intelligence platform to create the richer, more accurate data sets required by the insurance industry to develop high fidelity usage-based and behavioral based-insurance. These richer data sets create an infrastructure that allows the insurance industry to power its next generation of products and services, setting the stage for usage-based insurance (UBI) and other advanced insurance services.
Over the last decade, The Floow has demonstrated its ability to make data connected, granular, and detailed, which gives insurers the ability to have a more precise understanding of risk in context. The Floow has proven expertise in providing personalized pricing, incentivizing better behavior, improving road safety, offering quick and efficient road assistance and near-real time first notice of loss, with the ability to reconstruct events in case of a risk incident.
As data science accelerates business transformation in the mobility space, it is becoming more and more important to provide the tools to collect, assess and process data, and to create the groundwork for long-lasting substantial change.
With the acquisition of The Floow, Otonomo joins forces with a team of insurance industry experts and professionals to provide the mobility industry with a combination of connected car data and insurance SaaS in one offering to further fortify our ecosystem leadership with both OEM’s and insurance vendors.
Read more about Otonomo and The Floow in our joined press release
Forward Looking Statements
This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Otonomo, the anticipated technological capability of The Floow, the anticipated benefits of the acquisition of the Floow, the amount and timing of synergies from the acquisition of the Floow, the anticipated technological capability of Otonomo, the markets in which Otonomo operates and Otonomo’s projected future financial and operational results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to identify and realize additional opportunities, and potential changes and developments in the highly competitive data marketplace. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in Otonomo’s prospectus filed with the SEC on November 3, 2021, and other documents filed by Otonomo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Otonomo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Otonomo gives no assurance that it will achieve its expectations.
