Otonomo Technologies Ltd., a mobility intelligence company, has acquired The Floow for a cash and stock deal valued at $69 million.
The Floow is a SaaS provider of connected insurance technology for major carriers around the world. The Floow brings a portfolio of connected insurance clients with a data refinery platform enabling insurance carriers to introduce connectivity to products. The deal will combine The Floow’s vehicle insurance offerings with Otonomo’s mobility intelligent platform to offer connected insurance services powered by data sources.
“Together, we believe Otonomo and The Floow will create the opportunity for both OEMs and insurance companies to accelerate the utilization of their data, create new products, improve customer experiences and accelerate business transformation,” said Ben Volkow, CEO of Otonomo. “We are pleased to be joining forces with The Floow’s CEO Aldo Monteforte, a visionary in his field, and the entire team.”
“I could not be prouder to announce we are joining the Otonomo team,”said The Floow’s CEO Aldo Monteforte. “This is a big, bold step that brings us closer to our vision of safer and smarter mobility for all. Our clients and partners, some of the leading insurers of the world, will have access to a significant and unique set of data products, tools and resources to help them compete and thrive in a connected new world ahead.”