Insurtech LeakBot to go public via reverse takeover by Spinnaker
UK insurtech LeakBot, which has partnered with insurers such as Hiscox, Direct Line and Covéa for its smart water leak detection technology, is planning to enter the public market under the name of Ondo Insurtech, pending a planned reverse takeover by Spinnaker Acquisitions.
The newly created entity will be a dedicated insurtech solutions provider focussing on the home insurance sector.
The deal follows LeakBot's partnerships with insurers such as Hiscox, TopDanmark and Direct Line, across the UK, US and Scandinavia.
Following the completion of the transaction, which will result in LeakBot being listed on the UK main market as Ondo Insurtech, the new listed entity will seek to provide cost-effective insurtech solutions and deployments around the world.
Andy Morrison, chairman of Spinnaker Acquisitions, said: “In a green economy space where hubristic plans and greenwashing are often seen, we are delighted to be working towards an acquisition that is neither of these. LeakBot is an established business and technology that taps into an existing insurance business model while making a practical contribution to avoiding waste. We were impressed from the start with the quality of management, and we look forward with confidence to completion and execution.”
Craig Foster (pictured), CEO of LeakBot added: “We have proven LeakBot’s efficacy following an extended period of product development and customer implementations in association with major UK, US and Nordic home insurers and are now excited to be entering a new phase of our journey with SPAQ and the continuing support of HomeServe to finance the roll out and adoption of LeakBot in our target markets where there are some 97 million addressable homes.”
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