Thursday, June 13, 2024

Otonomo Closes Acquisition of Vehicle Telematics Company The Floow

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HERZLIYA, Israel and SAN FRANCISCO — The mobility intelligence company Otonomo Technologies acquired the vehicle telematics company The Floow.

Otonomo closed on its acquisition of U.K.-based The Floow, according to Otonomo last month. 

Otonomo purchased The Floow for cash and stock valued at about $69 million, including a performance-based earnout of up to $37.5 million. 

As a part of the agreement, Aldo Monteforte, founder and CEO of The Floow, joins the Otonomo management team, where he will continue to lead The Floow.

The deal is intended to integrate The Floow’s vehicle telematics tools, built in partnership with insurance companies, with Otonomo’s mobility intelligence platform on OEM vehicle data. 

The combined company’s portfolio will include connected insurance solutions powered by various data sources, such as OEM, mobile, and aftermarket devices, to generate insurance-grade scores and user analytics.

The combination of vehicle and mobile data is designed to help enable usage- and behavioral-based insurance products to move from “detect and repair” to “predict and prevent” models.

Otonomo’s mobility intelligence platform supports automotive, fleet, insurance, and transportation services. 

“We look forward to benefiting from the complementary set of insurance data solutions, customers, and markets that The Floow brings,” said Ben Volkow, CEO, Otonomo.

Monteforte with The Floow said the deal is “a big, bold step that brings us closer to our vision of safer and smarter mobility for all.”

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