Combination creates new generation mobility
services company with more than 100 partnership agreements covering
up to 70 million vehicles in 26 countries
Urgent.ly, Inc. (“Urgently”), a U.S.-based leading provider of
digital roadside and mobility assistance technology and services,
today announced the closing of its acquisition of Otonomo
Technologies Ltd. (“Otonomo”). In addition, Urgently’s registration
statement on Form S-1 (the “Registration Statement”) has been
declared effective by the U.S. Securities and Exchange Commission
(the “SEC”). Urgently anticipates its common stock will begin
trading with Nasdaq under the ticker symbol “ULY” later today.
“I am thrilled to announce the completion of this transaction,
which further strengthens Urgently’s unique market position as a
leading roadside assistance software provider,” said Matt Booth,
CEO of Urgently. “This acquisition is the result of the outstanding
contributions of our employees and the support of our powerful
ecosystem of Customer-Partners and Service Provider professionals.
We are committed to leading the transformation to connected
mobility and we look forward to continuing to improve proactive and
preventative customer experiences.”
Operational Highlights, Urgently and Otonomo
Together:
- More than 100 partnership agreements with Customer-Partners
including automotive OEMs, fleet managers, insurance providers,
rideshare and delivery companies.
- 12,000 service providers, experienced service professionals who
deliver roadside assistance as of June 30,2023
- Up to 70 million consumer vehicles supported with roadside
assistance, proactive maintenance and repair services
- More than 26 countries of operation
- Approximately 4.5 million service requests facilitated as of
December 31, 2022
Urgently intends to transform the current reactive roadside
experience while expanding its number of Customer Partners,
increase wallet share by cross-selling products and services across
its portfolio of customers, expand business-to-business-to-consumer
subscription offerings, as well as expand its geographical
reach.
With over 1.7 billion connected vehicles expected to be on the
road in the next decade (Ptolemus Consulting, May 2022), Urgently
is uniquely positioned to cater to ever-evolving technologies and
lead the transformation to connected mobility, creating safe,
customer-centric assistance services for automotive OEMs,
insurance, rental and fleet partners and their customers.
The Registration Statement has been filed with the Securities
and Exchange Commission and became effective today. The offering is
made only by means of a prospectus, copies of which are available
at www.sec.gov, Copies of the final prospectus, when available,
related to the offering will be available at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
the registration or qualification under the securities laws of any
such state or jurisdiction.
About Urgently
Urgently keeps vehicles and people moving by delivering safe,
innovative, and exceptional mobility assistance experiences. The
company’s digitally native software platform combines
location-based services, real-time data, AI and machine-to-machine
communication to power roadside assistance solutions for leading
brands across automotive, insurance, telematics and other
transportation-focused verticals. Urgently fulfills the demand for
connected roadside assistance services, enabling its partners to
deliver exceptional user experiences that drive high customer
satisfaction and loyalty, by delivering innovative, transparent and
exceptional connected mobility assistance experiences on a global
scale. For more information, visit www.geturgently.com.
Forward Looking Statements
This release contains forward-looking statements within the
meaning of the federal securities laws. Such statements are based
upon current plans, estimates and expectations of management of
Urgently in light of historical results and trends, current
conditions and potential future developments, and are subject to
various risks and uncertainties that could cause actual results to
differ materially from such statements. The inclusion of
forward-looking statements should not be regarded as a
representation that such plans, estimates and expectations will be
achieved. Words such as “anticipate,” “expect,” “project,”
“intend,” “believe,” “may,” “will,” “should,” “plan,” “could,”
“continue,” “target,” “contemplate,” “estimate,” “forecast,”
“guidance,” “predict,” “possible,” “potential,” “pursue,” “likely,”
and words and terms of similar substance used in connection with
any discussion of future plans, actions or events identify
forward-looking statements. All statements, other than historical
facts, including statements regarding the expected benefits of the
transaction; the competitive ability and position of the combined
company; and any assumptions underlying any of the foregoing, are
forward-looking statements. Important factors that could cause
actual results to differ materially Urgently’s plans, estimates or
expectations could include, but are not limited to: (i) the outcome
of any legal proceedings related to the transaction or otherwise,
or the impact of the transaction thereupon; (ii) Urgently may be
adversely affected by other economic, business, and/or competitive
factors; (iii) risks that the anticipated benefits of the
transaction or other commercial opportunities may otherwise not be
fully realized or may take longer to realize than expected; (iv)
the impact of legislative, regulatory, economic, competitive and
technological changes; (v) the risk that integration of the Otonomo
and Urgently post-closing may not occur as anticipated or the
combined company may not be able to achieve the growth prospects
and synergies expected from the transaction, as well as the risk of
potential delays, challenges and expenses associated with
integrating the combined company’s existing businesses; (vi)
exposure to inflation, currency rate and interest rate fluctuations
and risks associated with doing business locally and
internationally; and (vii) the unpredictability and severity of
catastrophic events, including, but not limited to, acts of
terrorism or outbreak of war or hostilities, as well as Urgently’s
response to any of the aforementioned factors. Additional factors
that may affect the future results of Urgently are set forth in its
filings with the United States Securities and Exchange Commission
(the “SEC”), including Urgently’s registration statements on Form
S-4 and Form S-1, each as amended, and other filings with the SEC,
which are available on the SEC’s website at www.sec.gov. See in
particular the section entitled “Risk Factors” in Urgently’s
registration statements on Form S-4 and Form S-1. The risks and
uncertainties described above and in the SEC filings cited above
are not exclusive and further information concerning Urgently and
its business, including factors that potentially could materially
affect its business, financial conditions or operating results, may
emerge from time to time. Readers are urged to consider these
factors carefully in evaluating these forward-looking statements,
and not to place undue reliance on any forward-looking statements.
Readers should also carefully review the risk factors described in
other documents that Urgently files from time to time with the SEC.
The forward-looking statements in this release speak only as of the
date of this release. Except as required by law, Urgently assumes
no obligation to update or revise these forward-looking statements
for any reason, even if new information becomes available in the
future.
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version on businesswire.com: https://www.businesswire.com/news/home/20231019272132/en/
For media and investment inquiries, please contact:
Press: media@geturgently.com
Investor Relations: investorrelations@geturgently.com
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