Israeli startups are continuing their onslaught on Nasdaq via special purpose acquisition companies (SPACs) and following Taboola and Innoviz, today Otonomo Technologies confirmed that it too is choosing that path. The company will be listed on Nasdaq and raise $350 million at an estimated valuation of $1.4 billion. The company, which has developed a platform and marketplace for vehicle data, will merge with Software Acquisition Group, Inc. II after the latter raised $172.5 million in a Nasdaq IPO last September. After the deal is completed in the second quarter of 2021, Otonomo will be listed under the ticker symbol OTMO.
Out of the $350 million it is raising, $60 million will be used to purchase secondary options from the company’s managers and employees, $30 million for each, and the remaining funds will be invested in the company.
Otonomo had considered launching another fundraising round and had talked with Israeli institutional investors, but ultimately chose to raise money through a special-purpose acquisition company
Otonomo, Leading Platform and Marketplace for Vehicle Data, to List on Nasdaq Through a Business Combination with Software Acquisition Group Inc II citizentribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from citizentribune.com Daily Mail and Mail on Sunday newspapers.
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.