Urgently completes strategic divestiture of The Floow
Roadside assistance provider Urgently announced the strategic divestiture of its wholly owned subsidiary, The Floow, a UK-based telematics provider. The transaction is part of Urgently’s strategic effort to divest non-core assets and dedicate its resources to advancing its core business.
Under the divestiture, Urgently has returned 51% ownership to The Floow’s management, while retaining 49% ownership and a perpetual royalty-free license for The Floow’s technology, allowing for possible integration with Urgently’s mobility assistance platform in the future.
In early 2022, mobility data company Otonomo announced a deal to acquire The Floow in a cash and stock deal valued at approximately $69 million, including a performance based earnout of up to $37.5 million. Last year, Urgently merged with Otonomo.
Founded in 2012, The Floow lists insurance clients such as Progressive, Munich Re, Direct Line, Plymouth Rock, and AAA. The company publicly disclosed around $16 million in funding.
“We are excited about this step, which we believe enables us to operate with a sharper focus on our core roadside and mobility assistance business. We believe returning control of the The Floow to its management team positions both of our companies for continued success.” – Matt Booth, Chief Executive Officer of Urgently.
“Regaining majority ownership of The Floow is a key milestone that reflects our commitment to our clients and mission. We return to independent operations from a position of financial and operational strength, with a product suite that has never been more advanced or effective in helping motor insurers predict and prevent adverse events. We expect the next decade will be transformative, driven by the intersection of AI and connected products, and we’re excited to lead the charge, fueled by the commitment and collaboration that we believe have set us apart since 2012. At the same time, we’re thrilled to maintain a strong partnership with Urgently for the benefit of our two companies.” – Aldo Monteforte, CEO of The Floow.