Publicly traded vehicle data provider Otonomo Technologies Ltd. has announced the plans to merge with privately held startup Urgently Inc. in an all-stock transaction. Shareholders of Otonomo will reportedly own about 33% of the combined business.
Jaguar Land Rover Ltd. and other significant automakers are among Urgently’s investors, who will hold a 67% stake. A software platform from the Israeli company Otonomo aids businesses in gathering and processing sensor data from connected vehicles. The planned merger between Urgently and Otonomo, according to the company, will enhance its platform for roadside assistance.
The startup wants to streamline maintenance procedures by using Otonomo’s features for gathering information about vehicle malfunctions.
Read More: Vehicle data provider Otonomo to merge into Urgently
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