It has today been announced that the special purpose acquisition company (SPAC) Spinnaker Acquisitions Plc has completed its acquisition of LeakBot, a B2B insurtech business (formerly a wholly-owned subsidiary of HomeServe Plc). LeakBot is a patented water security system that helps prevent water leaks from becoming insurance claims.

As per the terms of the acquisition, LeakBot will be renamed Ondo InsurTech Plc and become the first insurtech to go public in the UK.

Ondo currently partners with nine blue-chip insurers - among them Hiscox, Direct Line and TopDanmark - across the UK, Ireland, US and Scandinavia, and supplies around 39,000 devices to its insurer partner. The insurtech has raised £3.4 million through fundraising at 12p per share, and will have a market capitalisation (at the issue price) of around £8.2 million.

In a Press release, the newly named Ondo announced that it plans to use the investment for partner development, onboarding and delivery and IT systems enhancement.

Water damage is now the largest driver of home insurance claims in the UK, according to the Association of British Insurers (ABI). As an end-to-end claims mitigation system, LeakBot is designed to monitor for escape of water in the home and provide a ‘find and fix’ service when a leak is present. The technology is provided free of charge to householders by home insurance providers, or can be purchased directly.

CEO of Ondo Craig Foster commented on the deal and said the business had reached the milestone of trading as an independent public company at a time when sustainability, business and consumer financial pressures had never been greater.

“We have always worked with one mission in mind,” he said, “- to help drive sustainable risk reduction – and are excited to now scale our existing solution while working with our home insurance industry partners to continue to drive risk reduction through innovations in insurtech.”