Urgently Divests The Floow to Sharpen Core Business Focus

Urgently Completes Strategic Divestiture of The Floow

Urgently, Inc. (Nasdaq: ULY), a prominent player in digital roadside and mobility assistance technology, has recently made a significant move by divesting its wholly owned subsidiary, The Floow. This strategic decision supports Urgently's long-term vision of concentrating on its core offerings and enhancing its technological capabilities in the mobility sector.

Focus on Core Business

The decision to divest The Floow marks a key step in realigning Urgently's business thrust. The company is dedicated to delivering unmatched roadside assistance programs across various sectors, such as automotive and insurance. With this divestiture, Urgently aims to channel its resources more efficiently, thereby sharpening its focus on providing superior mobility assistance.

The Role of The Floow

The Floow is well-known for its innovative connected insurance technology, which enhances safety and customer engagement. By returning majority ownership to The Floow's management, Urgently believes that both companies can thrive independently. This transition reinforces their commitment to advancing technological solutions that directly benefit customers.

Leadership Comments on the Transition

Matt Booth, CEO of Urgently, expressed his enthusiasm regarding this strategic pivot. He remarked, "This step will enable us to focus more intently on our core roadside assistance business while still maintaining a supportive relationship with The Floow."

A New Chapter for The Floow

Aldo Monteforte, CEO of The Floow, commented on the transition stating, "Regaining majority ownership is a noteworthy milestone for us. It allows us to return to independent operations while being financially and operationally robust. We foresee great potential in the evolving landscape of AI and connected technologies, and we are excited to navigate these changes with support from Urgently." This illustrates that both companies are poised to leverage their individual strengths for mutual benefit.

The Floow's Impressive Technology

The Floow’s telematics platform continues to play a pivotal role in the insurance sector by providing actionable insights that drive safety improvements and enhance customer loyalty. Their advanced tools help insurers and traffic planners make data-driven decisions, ultimately fostering a safer and more efficient transportation environment.

Maintaining Partnership Benefits

Even after the strategic divestiture, Urgently retains a 49% ownership in The Floow and a lifetime royalty-free license for its technology. This unique arrangement provides possibilities for future collaborations that could see both firms working together to enhance the mobility assistance experience further.

Commitment to Customer Service

Urgently remains committed to providing seamless service to its clients. With technological advancements at the forefront, the aim is to ensure that users receive exceptional assistance promptly. The company's focus is on enhancing customer satisfaction and loyalty through innovative and transparent solutions.

Frequently Asked Questions

What prompted Urgently to divest The Floow?

The divestiture is part of Urgently's strategy to concentrate on its core business areas, particularly roadside and mobility assistance, while allowing The Floow to focus on its advancements in connected insurance technology.

What does the ownership structure look like after this divestiture?

Following the transaction, Urgently retains 49% ownership of The Floow while transferring 51% ownership back to its management team.

How does this affect Urgently's services?

This strategic move is designed to strengthen Urgently's core services without disrupting The Floow's operations, ensuring continued support for existing customers.

What future collaborations between Urgently and The Floow might occur?

Urgently holds a lifelong royalty-free license for The Floow's technology, paving the way for potential integrations that could enhance both organizations' offerings in the mobility sector.

Why is the telematics platform significant for The Floow?

The Floow’s telematics platform is crucial as it enhances safety, provides actionable insights, and enables customer loyalty, serving as a foundation for better decision-making within the insurance space.

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