Italy car insurance tech company, Octo telematics, weighs sale or IPO: Sources

Italy car insurance tech company, Octo telematics, weighs sale or IPO: Sources - Octo telematics spa, the Italian car coverage-generation company, is pursuing an outright sale alongside preparations for an preliminary public supplying, in step with humans with expertise of the matter.

Octo, owned by way of Russia’s Renova institution, is operating with advisers to are seeking for ability bidders for the corporation, which could fetch as much as $2 billion, the human beings said, asking now not to be diagnosed as the matter is non-public.

Octo is also still getting ready for an IPO on the equal valuation, one of the people stated, and will circulate ahead with that as quickly as September. Exploring a sale whilst making plans to go public, referred to as a twin-music manner, is a manner for owners to gauge the quality way to go out an investment. Spokesmen for Octo and Renova declined to remark.

The organization is attaining out to capacity bidders which include alphabet Inc.’s google and global business machines corp. As well as car-part makers continental AG and Robert Bosch GmbH, one of the people said. Representatives for the businesses declined to remark.

Corporations that supply technology to the automobile industry are in call for. In June, Verizon bought Telogis Inc. To amplify its linked car era skills. Verizon paid about $925 million for the Aliso Viejo, California-primarily based agency, a person familiar with the matter said. A Verizon spokesman declined to comment.

Octo, based totally in Rome, makes generation that can be installed in motors to tune riding behavior, which insurance companies can use to assess claims and pass on discounts to secure drivers. It founded in 2002 and now has partnerships with extra than 60 insurers, in line with the agency’s website.

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