By Reuters Staff
2 Min Read
(Reuters) - Israeli automotive data firm Otonomo said on Monday it would merge with a blank-check company to go public at a valuation of $1.4 billion.
The deal with Software Acquisition Group Inc II is expected to fetch Otonomo $307 million in cash, including a $172.5 million private investment from investors such as Fidelity Management & Research Co and BNP Paribas Asset Management Energy.
The combined company would be listed on Nasdaq under the symbol “OTMO”.
The startup sources data from over 20 million vehicles, according to its website. Companies can use the data to develop apps and services for fleets, smart cities and individual consumers. Otonomo’s partners include Daimler AG, Mitsubishi Motor Co, BMW and Avis Budget Group.
Palihapitiya Invests in Two Deals in One Day During SPAC Boom
yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Palo Alto blank check investor Avi Katz plans 4th SPAC, boosts plan for another
bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
LONDON (Jan 17): Deliveroo Hero SE has raised more than US$180 million in its latest funding round, valuing the UK online food delivery company at over US$7 billion, according to a company statement.
The investment comes as the Amazon.com Inc-backed firm eyes a potential listing this year, which is expected in or around April.
The funding round, led by existing shareholders Durable Capital Partners LP and Fidelity Management & Research Co LLC, pegs the start-up s valuation on a par with UK blue-chip grocer J Sainsbury plc s market capitalisation and eclipses that of Wm Morrison Supermarkets plc.
As lockdowns restrict people s movement and businesses close, food delivery firms like Deliveroo and Just Eat Takeaway.com NV saw a boost as consumers ordered takeaways from home.
Clover began trading on Jan. 8. Photography courtesy of Nasdaq|, Inc.
When going public is a company’s ultimate goal, the method of doing so isn’t the most important factor.
Consider Clover Health Investments, which provides Medicare Advantage health plans to 57,000 members. The six-year old start-up began the process of going public over the summer, preparing for two scenarios: a traditional initial public offering and a merger with a blank-check company, according to a spokeswoman.
In October, Clover was far down the road with a traditional IPO and had made a number of filings with the Securities and Exchange Commission, according to Andrew Toy, Clover’s co-founder, president, and chief technology officer. The insurtech chose to combine with