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Car data firm Otonomo to go public on Wall Street at $1.4 billion valuation

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Israeli startup Otonomo, which runs a vehicle data platform, said Monday it will go public on the New York Stock Exchange at an implied value of $1.4 billion.

Otonomo will make the move by merging with a special purpose acquisition company, or SPAC, called Software Acquisition Group Inc. II. The SPAC is based in Las Vegas and went public last year, raising $172.5 million.

The deal is expected to net Otonomo some $307 million in cash and cash equivalents, the company said in a statement.

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After the deal goes through, Otonomo will trade under the ticker “OTMO.” The SPAC currently trades on the NASDAQ as “SAII.”

Otonomo said it intends to use the cash proceeds from the deal to fund growth and enter new markets.


© The Times of Israel

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