Urgently, a provider of digital roadside and mobility assistance, has successfully acquired Otonomo Technologies, a vehicle data capture and analytics solutions provider. The acquisition, valued at USD 282 million, involves Otonomo becoming the wholly-owned subsidiary of Urgently. Following the closure, Urgently's common stock will commence trading on Nasdaq under the ticker symbol, ULY.

After the acquisition, Urgently aims to enhance its technology offerings by leveraging the expertise and resources of Otonomo. The move represents a strategic repositioning of Urgently's market reach and product portfolio. Furthermore, the combined company is expected to bring about mutually beneficial synergies, with Urgently's stakeholders owning 60.3% of the shares and Otonomo's shareholders owning about 39.7%.

The acquisition brings together Urgently and Otonomo, resulting in a formidable alliance with over 100 partnership agreements involving automotive OEMs, fleet managers, insurance providers, rideshare, and delivery companies. The companies claim to have a network of 12,000 service providers and serve up to 70 million consumer vehicles across 26+ countries.

Analyst QuickTake : Otonomo entered this reverse merger agreement with Urgently in February 2023 to merge in an all-stock transaction.