Thu. May 26th, 2022

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Spinnaker Acquisitions (SPAQ), a new vehicle set to buy Walsall-based Homeserve Labs, has revealed this morning that it is set to float on the London Stock Exchange.

In December, the company announced a reverse acquisition of Homeserve Labs, a subsidiary of their FTSE 250 parent company. The agreement will mean that Spinnaker will change its name to Ondo InsurTech Labs and Labs to LeakBot.

Labs is a B2B insurance company and a wholly owned subsidiary of HomeServe. Craig Foster originally created an innovation team for the HomeServe group during 2014, designed to incubate a number of new ideas for the group. During 2014-2018, Labs developed and patented the underlying technologies for a proper leak detection system. The leak detection system is called LeakBot. The LeakBot system is a patented water protection system that prevents small leaks from becoming insurance claims.

Today, 35,000 registered LeakBot devices (with 19,500 shipments within the last 12 months) have been delivered to partners. The company says it is in discussions with eleven potential partners in the UK and US to enter into additional partner contracts.

Craig Foster, CEO of Labs said: “LeakBot is the first IoT leakage prevention system to be rolled out with multiple carriers and operational in multiple countries. Now we want to be one of the first InsurTechs to go public in the UK. This is a great honor to the amazing team that has worked so hard to find out this over the last few years, and to our innovative insurance partners who want to break the status quo and find a better solution for their customers and for the environment “Together, we want to reduce damage, reduce waste, save water and reduce insurance costs. We are very excited about what lies ahead.”

Andy Morrison, Chairman of SPAQ, added: “Since announcing the exchange of the Sale and Purchase Agreement on December 13, 2021, we have continued to make excellent progress towards completing the transaction. I look forward to handing over the reins to Craig and The skilled hands of the Labs team, while continuing as a committed director and shareholder of the expanded company. “

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