Connected Car
US mobility and roadside assistance tech company Urgent.ly has acquired Israeli car data services platform company Otonomo (Nasdaq: OTMO)). Otonomo listed on Nasdaq 18 months ago following a SPAC merger at a company valuation of $1.26 billion but has since lost 94% of its value. Otonomo will become a subsidiary of Urgent.ly, while Otonomo cofounder and CEO Ben Volkow will become a director of the merged company, which will be managed by Urgent.ly CEO Matt Booth. Volkow said, "Merging Otonomo and Urgent.ly is an exciting step for Otonomo that advances our vision of empowering the future of mobility and connected services. Evercore served as financial advisor to Urgent.ly, and B. Riley Securities served as co-financial advisor to Urgent.ly in connection with the transaction.