Otonomo Technologies, the mobility intelligence company, announced today that it has entered into a definitive agreement to acquire The Floow, a privately held company headquartered in Sheffield, United Kingdom, in a cash and stock deal valued at approximately $69 million, including a performance-based earnout of up to $37.5 million. Under the definitive agreement, the aggregate cash and stock consideration to be paid and issued upon closing is valued at $31.5 million based on a share price of $2.75. Otonomo may issue additional cash and stock of up to $37.5 million dependent upon achievement of certain business performance objectives. The acquisition is subject to approval by U.K. regulators and is expected to close within the second quarter of 2022. The Floow’s preliminary and unaudited revenue was between $6.5 million and $7 million for 2021.
The Floow is a SaaS provider of connected insurance technology for major carriers globally. The combination of vehicle and mobile data from Otonomo and The Floow will be crucial to enabling innovative, usage based and…
