Autonomous will issue 1.4 billion d – global markets

Another member of the wave of spook offerings on Wall Street: Israeli Autonomo Technologies, which has developed a trading platform for data collected from connected vehicles, will join NASDAQ through a merger with Skeleton Software Acquisition Group INC II (NYSE: SAIIU / SAII / SAIIW) and begin trading under the symbol OTMO at an expected value of about $ 1.4 billion.

The deal is expected to inject at least $ 280 million into the autonomy, assuming that existing shareholders in the skeleton into which it will be merged will not make redemptions. The company intends to use the money to accelerate penetration into new markets as well as expand the product portfolio. The management of Autonomo will remain in office even after the IPO.

Autonomous, founded in 2015 by founder and CEO Ben Volkov, aims to translate into money the data collected by linked vehicles, when it sells the information to organizations from various industries. According to the company, there are hundreds of millions of linked vehicles and the information extracted from them is relevant to thousands of customers The same data is used to provide emergency services, road mapping, management of electric vehicle infrastructure, registration-based services, parking, maintenance, insurance, as well as to improve the driving experience and solutions in the worlds of the smart city.

The trading arena developed by the company serves car manufacturers, car fleets and, according to it, Autonomo has more than 100 service providers in the transportation industry. Data from about 40 million connected vehicles worldwide are flowing into this trading arena. The company has a development center in Israel and offices in the United States and Europe.

To date, Autonomo has raised $ 82 million. Prominent investors in the company include the Bessemer and StageOne funds, which were invested in it at the lime stage, Dell and Hearst Ventures. Upon entry into the Nasdaq, existing shareholders in Autonomo will sell in a second-hand stock transaction worth about $ 30 million. Following the IPO, these are expected to hold 72% of Autonomo’s total share capital. The transaction is subject to the approval of Autonomo’s and Skeleton shareholders. Of both passed the offer.

The skeleton company, backed by investor Jonathan Huberman, raised $ 172.5 million with its IPO last September, in which institutional investors including BNP Paribas, Fidelity, Senvest Management and Hearst Ventures invested in the company, as well as strategic investors like Dell.