The Israeli company Autonomo announced the acquisition of a British company The Floow

The Israeli company Autonomo continues to look for effective growth engines and announced the acquisition of a British company The Floow, in an amount that could reach $ 69 million in cash and stock transactions, with $ 31.5 million to be paid immediately and the rest to be paid in accordance with business performance targets.

The deal with De Flo is subject to regulatory approval in the UK and is expected to be completed during the second quarter. This deal is the reason why Autonomous (+ 1.41% 1.44) did not publish forecasts for 2022, and it is expected to do so towards the end of March.
The merger between the two companies will allow them to connect the information and data at their disposal, as well as the ties that Autonomo has with the car companies, and Leda Flo with the insurance companies. De Flo has 18 relevant customers that generated revenue of $ 6.5-7 million in 2021, so this should shorten Autonomo's entry into the market. Among other things, De Flo works with the German company Munich RE.
Autonomo collects information from smart vehicles in order to make it accessible to customers from various fields, such as insurance companies, smart cities, and car suppliers. Today, the company's revenues are meager and its number of customers is limited: in the past year, its revenues amounted to only $ 1.7 million - less than its forecast for revenues of $ 3 million.
De Flo provides a software product for insurance companies, which produces insurance products based on data and information that the company collects about the insurer. For example, using mobile data it can track the volume of travel of the insurer and charge it accordingly.
This is Autonomo's second acquisition in five months, after acquiring the Israeli company Neura for $ 50 million, in a deal that also combined cash and shares. Niora has developed technology that allows anonymous information about users to be collected through mobile applications. The company formulated insights through information analysis and thus enabled brands to get to know their customers better and tailor offers to them. In 2018, it began to enter the world of smart transportation and reached annual revenues of about $ 1 million, before being sold to Autonomous.
"We listen to the market and feel that part of our commitment to the market is to increase the range of solutions," said Ben Volkov, CEO of Autonomo and one of its founders. Analysts believe the world's biggest opportunity of data - vehicle connectivity is around insurance, so we can not ignore that. It is in line with our strategy to continue to grow through synergistic acquisitions as well. "
A year ago, Autonomo announced a $ 1.4 billion merger with Spock, and its stock began trading in August. This value was exceptional in relation to the company's revenues in 2020 - only $ 400,000. Autonomous shares have fallen since the merger, similar to the declines in other Spock shares and the technology market in general.