Urgently Completes Strategic Divestiture of The Floow in Support of Core Business Focus
Urgent.ly, Inc. (Nasdaq: ULY), a leading provider of digital roadside and mobility assistance technology, has announced the strategic divestiture of its subsidiary, The Floow, a connected insurance technology provider. This move aligns with Urgently's strategy to focus on its core business. The transaction returns 51% ownership to The Floow's management, while Urgently retains a 49% stake and a perpetual royalty-free license for The Floow's technology.
Urgently's CEO, Matt Booth, emphasized that this decision allows the company to operate with a sharper focus on its core roadside and mobility assistance business. The Floow's CEO, Aldo Monteforte, expressed excitement about regaining majority ownership and continuing to serve their clients. The divestiture is expected to position both companies for continued success in their respective fields.
Urgent.ly, Inc. (Nasdaq: ULY), un fornitore leader di tecnologia digitale per assistenza stradale e mobilità, ha annunciato il disinvestimento strategico della sua controllata, The Floow, un fornitore di tecnologia assicurativa connessa. Questa mossa si allinea con la strategia di Urgently di concentrarsi sul suo core business. La transazione restituisce il 51% della proprietà al management di The Floow, mentre Urgently mantiene una partecipazione del 49% e una licenza perpetua e gratuita per la tecnologia di The Floow.
Il CEO di Urgently, Matt Booth, ha sottolineato che questa decisione consente all'azienda di operare con un focus più preciso sulla sua attività principale di assistenza stradale e mobilità. Il CEO di The Floow, Aldo Monteforte, ha espresso entusiasmo per il riottenimento della maggioranza e per la continuazione del servizio ai loro clienti. Si prevede che il disinvestimento posizioni entrambe le aziende per un successo continuato nei rispettivi settori.
Urgent.ly, Inc. (Nasdaq: ULY), un proveedor líder de tecnología digital para asistencia en carretera y movilidad, ha anunciado la desinversión estratégica de su filial, The Floow, un proveedor de tecnología de seguros conectados. Este movimiento se alinea con la estrategia de Urgently de concentrarse en su negocio principal. La transacción devuelve el 51% de la propiedad a la dirección de The Floow, mientras Urgently retiene un 49% de participación y una licencia perpetua sin regalías para la tecnología de The Floow.
El CEO de Urgently, Matt Booth, enfatizó que esta decisión permite a la empresa operar con un enfoque más centrado en su negocio principal de asistencia en carretera y movilidad. El CEO de The Floow, Aldo Monteforte, expresó su entusiasmo por recuperar la propiedad mayoritaria y continuar atendiendo a sus clientes. Se espera que la desinversión posicione a ambas empresas para un éxito continuo en sus respectivos campos.
Urgent.ly, Inc. (Nasdaq: ULY), 디지털 도로 및 이동 지원 기술의 선도적인 제공업체가 자회사인 The Floow의 전략적 매각을 발표했습니다. The Floow는 연결된 보험 기술 제공업체입니다. 이 결정은 Urgently가 핵심 비즈니스에 집중하는 전략과 일치합니다. 이번 거래는 The Floow의 경영진에게 51%의 소유권을 반환하며, Urgently는 49% 지분과 The Floow 기술에 대한 면세 영구 라이센스를 보유합니다.
Urgently의 CEO인 Matt Booth는 이번 결정이 회사가 도로 및 이동 지원 사업에 더 집중할 수 있도록 한다고 강조했습니다. The Floow의 CEO인 Aldo Monteforte는 다수 지분을 되찾고 고객에게 계속 서비스를 제공하게 되어 기쁘다고 밝혔습니다. 이번 매각은 두 회사 모두 각자의 분야에서 지속적인 성공을 거둘 수 있도록 할 것으로 예상됩니다.
Urgent.ly, Inc. (Nasdaq: ULY), un fournisseur leader de technologie d'assistance routière et de mobilité numérique, a annoncé la cession stratégique de sa filiale, The Floow, un fournisseur de technologie d'assurance connectée. Cette décision s'inscrit dans la stratégie d'Urgently de se concentrer sur son activité principale. La transaction renvoie 51 % de la propriété à la direction de The Floow, tandis qu'Urgently conserve une participation de 49 % et une licence perpétuelle sans redevance pour la technologie de The Floow.
Le PDG d'Urgently, Matt Booth, a souligné que cette décision permet à l'entreprise de fonctionner avec un focus plus affûté sur son activité principale d'assistance routière et de mobilité. Le PDG de The Floow, Aldo Monteforte, a exprimé son enthousiasme à l'idée de récupérer la majorité et de continuer à servir leurs clients. On s'attend à ce que cette cession place les deux entreprises dans une position favorable pour un succès continu dans leurs domaines respectifs.
Urgent.ly, Inc. (Nasdaq: ULY), ein führender Anbieter von digitaler Pannen- und Mobilitätsassistenztechnologie, hat die strategische Veräußeriung ihrer Tochtergesellschaft, The Floow, eines Anbieters von vernetzter Versicherungstechnologie, angekündigt. Dieser Schritt entspricht der Strategie von Urgently, sich auf das Kerngeschäft zu konzentrieren. Die Transaktion gibt 51 % der Eigentumsanteile an das Management von The Floow zurück, während Urgently einen 49-%-Anteil und eine ewige, gebührenfreie Lizenz für die Technologie von The Floow behält.
Der CEO von Urgently, Matt Booth, betonte, dass diese Entscheidung es dem Unternehmen ermöglicht, sich mit einem schärferen Fokus auf das Kerngeschäft der Pannen- und Mobilitätsassistenz zu konzentrieren. Der CEO von The Floow, Aldo Monteforte, äußerte sich begeistert über den Verlust der Mehrheitsbeteiligung und darüber, weiterhin ihre Kunden bedienen zu können. Es wird erwartet, dass die Veräußeriung beide Unternehmen für fortwährenden Erfolg in ihren jeweiligen Bereichen positioniert.
- Urgently retains 49% ownership in The Floow
- Urgently secures a perpetual royalty-free license for The Floow's technology
- Strategic divestiture allows Urgently to focus on its core roadside and mobility assistance business
- Urgently loses majority control of The Floow subsidiary
Insights
The strategic divestiture of The Floow by Urgently (Nasdaq: ULY) appears to be a positive move for both companies. By retaining a 49% ownership and a perpetual royalty-free license for The Floow's technology, Urgently maintains potential future value while streamlining its operations. This decision allows Urgently to focus on its core roadside assistance business, potentially improving operational efficiency and resource allocation.
For investors, this move signals Urgently's commitment to enhancing shareholder value by concentrating on its primary revenue streams. The retention of a significant stake in The Floow also provides Urgently with potential upside if The Floow's telematics platform continues to grow in the insurance sector. However, the financial terms of the transaction were not disclosed, making it difficult to assess the immediate impact on Urgently's balance sheet.
This divestiture highlights the growing importance of specialized technology in different segments of the automotive and insurance industries. The Floow's focus on connected insurance technology and Urgently's emphasis on digital roadside assistance demonstrate the increasing demand for data-driven solutions in these sectors.
The perpetual royalty-free license Urgently retains for The Floow's technology is particularly noteworthy. It allows for potential future integration with Urgently's mobility assistance platform, which could lead to enhanced services and competitive advantages. This arrangement showcases a smart approach to maintaining technological synergies while allowing each company to pursue its core competencies independently.
This strategic move by Urgently aligns with broader market trends in the mobility and insurtech sectors. We're seeing an increasing focus on core competencies and specialization among tech-driven companies in these industries. The decision to divest while maintaining a significant stake and technology access reflects a nuanced approach to balancing focus and diversification.
For The Floow, regaining independence could accelerate innovation in their telematics platform, potentially leading to increased market share in the growing connected insurance space. The mention of AI and connected products as drivers for the next decade suggests that The Floow is positioning itself at the forefront of these emerging technologies, which could be a significant growth catalyst.
The transaction returns majority ownership to The Floow Founding Management, with Urgently retaining an equity investment and a perpetual royalty-free license for The Floow’s technology
VIENNA, Va., Sept. 20, 2024 (GLOBE NEWSWIRE) -- Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced the strategic divestiture of its wholly owned subsidiary, The Floow, a leading provider of connected insurance technology. The transaction is part of Urgently’s strategic effort to divest non-core assets and dedicate its resources to advancing its core business.
Urgently powers the roadside assistance programs of global automotive, insurance, telematics and other transportation-focused vertical brands. Its mobility assistance platform dynamically matches vehicle owners and fleets with service providers who deliver roadside assistance, proactive maintenance and repair services.
“We are excited about this step, which we believe enables us to operate with a sharper focus on our core roadside and mobility assistance business,” said Matt Booth, Chief Executive Officer of Urgently. “We believe returning control of the The Floow to its management team positions both of our companies for continued success.”
Under the divestiture, Urgently has returned
The Floow’s telematics platform is highly valued for providing actionable insights and engagement propositions that improve safety and loyalty, and allow insurers and traffic planners to make more informed and profitable decisions.
This transaction has no impact on the extensive services The Floow provides its customers every day.
“Regaining majority ownership of The Floow is a key milestone that reflects our commitment to our clients and mission,” said Aldo Monteforte, CEO of The Floow. “We return to independent operations from a position of financial and operational strength, with a product suite that has never been more advanced or effective in helping motor insurers predict and prevent adverse events. We expect the next decade will be transformative, driven by the intersection of AI and connected products, and we’re excited to lead the charge, fueled by the commitment and collaboration that we believe have set us apart since 2012. At the same time, we’re thrilled to maintain a strong partnership with Urgently for the benefit of our two companies.”
About Urgently
Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.
Forward Looking Statements
This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s possible future integration of The Floow’s technology, are based on the current assumptions of Urgently’s management and are neither promises nor guarantees, but involve a significant number of factors that may cause our actual performance or achievements to be materially different from any future performance or achievements stated or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 202, our quarterly reports on Form 10-Q, including our quarterly report on Form 10-Q for the quarter ended June 30, 2024, which was filed with the SEC on August 13, 2024, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements reflect Urgently’s beliefs and assumptions only as of the date of this press release. Urgently undertakes no obligation to update forward-looking statements to reflect future events or circumstances.
Contacts:
For Press: media@geturgently.com
For Investors: investorrelations@geturgently.com
FAQ
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