Otonomo Technologies, a platform and marketplace for vehicle data, and Software Acquisition Group II today announced they have entered into a definitive agreement for a business combination.
Terms of the deal call for Software Acquisition to combine with Otonomo at an estimated $1.4 billion pro forma equity value. Otonomo’s existing shareholders would roll approximately 97% of their equity into the combined company and would own approximately 72 percent of the issued and outstanding shares immediately following closing of the business combination, assuming no redemptions by Software Acquisition’s stockholders.
The transaction is expected to result in excess of $307 million in cash comprised of Software Acquisition’s $172.5 million cash in trust, assuming no redemptions by public stockholders, a fully committed $172.5 million PIPE comprised of $142.5 million primary and $30 million secondary shares and approximately $25 million of cash on hand. Read more.
