Israeli auto-tech co Otonomo in SPAC merger talks - report

Ben Volkow Photo: Otonomo
Ben Volkow Photo: Otonomo

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.

The company was founded by CEO Ben Volkow and has raised $82 million to date including a $46 million Series C financing round last April from SK Holdings, Avis Budget Group, and Alliance Ventures Bessemer Venture Partners and StageOne Ventures. The valuation in April, according to Pitchbook, was $465 million.

Software Acquisition Group Inc. II, which raised $172.5 million last September, is in talks to raise new equity to support the deal that could be announced as soon as next week, the source told "Bloomberg."

"Bloomberg" said that Software Acquisition Group declined to comment and representatives for Otonomo didn’t immediately respond to requests for comment.

Last month Israeli auto lidar technology company Innoviz announced a merger with SPAC Collective Growth Corp. (Nasdaq: CGRO) at a company valuation of $1.4 billion, and last week Israeli media content discovery platform company Taboola said it had agreed to merge SPAC ION Acquisition Corp.1 Ltd. (NYSE: IACA), which raised $260 million on Wall Street in October 2020.

Published by Globes, Israel business news - - on January 31, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Ben Volkow Photo: Otonomo
Ben Volkow Photo: Otonomo
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