Houlihan Lokey Advises Driveway

Houlihan Lokey is pleased to announce that Driveway Software Corp. (Driveway), a leading AI-powered telematics provider, has sold its assets to Earnix, a global provider of advanced rating, pricing, and product personalization solutions for insurers and banks. The assets, including a state-of-the-art telematics app, will serve as a cornerstone in establishing a new and transformative offering in usage-based insurance (UBI) and behavior-based insurance (BBI). With Earnix, insurers are now able to leverage intelligent telematics for best-in-class risk modeling, pricing, and rating to enhance the customer experience by identifying and delivering the right personalized UBI and BBI offers in real time. Earnix will be joined by Driveway’s strong and highly capable team of domain rich experts. The terms of the transaction were not disclosed.

Headquartered in California with R&D operations in Israel, Driveway has developed and patented state-of-the-art technology that enables insurers to measure and reward good driving behavior without the need for a plug-in device in the car. The company provides a cloud analytics platform and mobile apps that deliver a cost-effective, frictionless driver safety scoring and UBI solution for top insurers and mobility companies globally. Driveway’s mission is to reduce distracted driving, improve mobility, and save lives.

Headquartered in Israel, Earnix is a leading provider of mission-critical systems for global insurers and banks. Through Earnix, customers can provide prices and personalized products that are smarter, faster, and safer in full alignment with corporate business goals and objectives. Earnix’s customers deliver over 1 billion quotes per year through Earnix’s solutions, offering systemized, enterprise-wide value with ultra-fast ROI. Earnix has been innovating for insurers and banks since 2001, operating in six continents.

Houlihan Lokey served as the exclusive financial advisor to Driveway. The transaction is emblematic of Houlihan Lokey’s continued success advising market-leading insurance technology businesses, with a rapidly growing presence across all segments of financial technology.

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