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.