Israeli auto-tech co Otonomo in SPAC merger talks - report
The Herzliya-based connected car data platform is in talks with Software Acquisition Group to list on Nasdaq, Bloomberg reports.
Israeli auto-tech company Otonomo is in talks to list on Nasdaq through a merger with special purpose acquisition company (SPAC) Software Acquisition Group Inc. II (Nasdaq: SAII), a person with knowledge of the matter has told Bloomberg.
Herzliya-based Otonomo has developed a data platform linked to 22 million connected cars through four billion data points. The data is used for emergency services, mapping, parking and predictive maintenance, and partners include BMW AG, Daimler AG, Mitsubishi Motors Corp. and Mercedes-Benz.
Israeli software company Otonomo Technologies Ltd., which has developed a platform for managing automotive data, is in the process of merging with special purpose acquisition company (SPAC) Software Acquisition Group, Inc. II after the latter raised $172.5 million in a Nasdaq IPO last September and announced its plans to merge with a software company, according to a Bloomberg report. The deal is expected to be finalized sometime this week.
Otonomo was founded by the Israeli entrepreneur Ben Volkow, who serves as CEO, along with Avner Cohen who isn’t active in the company, and raised $82 million so far. In its last fundraising round in April, it was estimated to be valued at $465 million.