The Technology, Venture Capital, and Special Purpose Acquisition Companies (SPACs) are advising Otonomo Technologies Ltd. investor Bessemer Venture Partners on Otonomo’s business combination with Software Acquisition Group Inc. II (Nasdaq: SAII), a publicly traded SPAC. The transaction is expected to result in excess of $307 million in cash comprised of Software Acquisition’s $172.5 million of cash in trust, assuming no redemptions by public stockholder, a fully committed primary and secondary PIPE of $172.5 million, and approximately $25 million of cash currently on hand.
Otonomo is a provider of a leading platform and marketplace for vehicle data and positioned at the epicenter of the data revolution in the automotive and mobility space.
Bessemer Venture Partners is a venture capital firm.
Following the targeted closing of the transaction in the second quarter of 2021, the combined company will be listed on Nasdaq under the ticker symbol “OTMO”.For more details, read the press release.