28 Feb 22
News

Otonomo acquires connected insurance provider The Floow

Otonomo acquires connected insurance provider The Floow

Mobility intelligence company Otonomo today announced it has entered into an agreement to acquire The Floow, a SaaS provider of connected insurance technology headquartered in the UK. The cash and stock deal is valued at around $69 million (€61.5m).

The acquisition is subject to approval by UK regulators and is expected to close within the second quarter of 2022. The Floow’s preliminary and unaudited revenue was between $6.5 million and $7 million in 2021. 

Predicting and preventing auto accidents

The combination of data from Otonomo and The Floow will enable the creation of usage based and behaviour based insurance moving from “detect and repair” to “predict and prevent” to create safer, greener and smarter driving experiences for policy holders.   

“Together, we believe Otonomo and The Floow will create the opportunity for both OEMs and insurance companies to accelerate the utilisation of their data, create new products, improve customer experiences and accelerate business transformation,” said Ben Volkow, CEO of Otonomo.

Image: Ben Volkow, CEO of Otonomo, courtesy of Otonomo.

Authored by: Alison Pittaway