Urgent.ly Announces Divestiture Of Subsidiary The Floow

(RTTNews) - Urgent.ly, Inc. (ULY), a provider of digital roadside and mobility assistance technology and services, on Friday announced the divestiture of its wholly-owned subsidiary the Floow, a provider of connected insurance technology.

This transaction returns majority ownership to the Floow founding management.

"The transaction is part of Urgently's strategic effort to divest non-core assets and dedicate its resources to advancing its core business," the company said.

As part of the transaction, Urgently has returned 51 percent ownership to The Floow's management.

It has retained 49 percent ownership and a perpetual royalty-free license for The Floow's technology for possible integration with Urgently's mobility assistance platform in the future.

This transaction has no impact on the extensive services the Floow provides its customers every day, Urgently noted.