DIRECT LINE INSURANCE GROUP PLC INVESTS IN UK TELEMATICS SERVICE PROVIDER THE FLOOW
The Floow (“The Floow”) today announces a 15% investment from Direct Line Insurance Group plc (“Direct Line Group”). The Floow is a UK-based specialist telematics service provider which has a rapidly growing global client base in the insurance and related market segments.
The investment will be facilitated through a dedicated capital increase in the equity of The Floow, which remains majority-owned by its established management team. The investment is intended to enable The Floow to further expand its team of expert scientists, engineers and designers, as well as extend its global reach to a host of blue chip insurance firms worldwide.
The Floow announced earlier this year that it had been selected by the Direct Line Group as its supplier in the UK of smartphone applications and telematics data analytics for the Direct Line DrivePlus telematics product range. The extrapolation and analysis of data from fixed, self-install and smartphone applications is intended to enable the Group to price motor risks on an individual basis and reward safer driving.
Aldo Monteforte, CEO of The Floow, said: “We are excited by this financial investment as it supports the expansion of our business and we are confident it will accelerate development of our world-class suite of analytics and predictive scoring functions for the benefit of all our clients and prospects.
“Over the past eighteen months we have seen rapid growth in demand for our products, led by Direct Line Group and other blue chip clients across the world. This investment is a strong endorsement of our strategic aim of being the leading provider of analytical insights to the insurance industry, and our vision to make vehicles safer and cheaper for all.”
Legal advice was provided to The Floow by Peter Crawford and Lisa Wallis of Sheffield law firm Taylor & Emmet LLP’s Corporate team. Corporate finance and accountancy advice were provided to The Floow by Panmure Gordon and Hart Shaw respectively.
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