Urgently Expands Roadside Assistance Partnership with Global Automotive OEM to Canada

Urgently expands partnership with auto OEM to Canada By Investing.com

VIENNA, Va. - Urgently, Inc. (NASDAQ: ULY), a prominent provider of digital roadside and mobility assistance, announced today the extension and growth of its partnership with a leading global automotive OEM. The agreement, which previously spanned five years and covered the U.S. market, now extends to seven years and includes services in Canada. The collaboration involves Urgently continuing to support the OEM's warranty roadside assistance program and post-warranty membership plans. This includes help for various types of breakdowns and accident-related towing services. The technology stack provided by Urgently integrates with the OEM's global CRM system, dealer portals, client portals, and customer-facing products, aiming to enhance the efficiency and customer experience of roadside assistance. As part of the expanded agreement, Urgently's digital platform will also facilitate dealer-provided mobile service programs, utilizing algorithms for job distribution and real-time data to optimize service delivery. The platform includes service provider apps and portals for service delivery, communication, and tracking. Matt Booth, CEO of Urgently, expressed pride in the continued partnership, emphasizing the company's commitment to exceptional service and safety. He stated that the renewal showcases Urgently's dedication to customer value and aligns with the automotive OEM's vision for its roadside assistance programs in both the U.S. and Canada. Urgently's platform, which leverages location-based services, real-time data, AI, and machine-to-machine communication, is designed to offer proactive and transparent mobility assistance experiences. The company aims to ensure safety and minimize disruptions for drivers by employing its technology to predict and prevent potential issues. The press release includes forward-looking statements regarding the partnership's potential benefits and Urgently's future performance. It notes that such statements involve risks and uncertainties and are not guarantees of future performance. For more detailed information on these risks, the company refers to its filings with the Securities and Exchange Commission. This news is based on a press release statement from Urgently, Inc. As Urgently, Inc. (NASDAQ: ULY) announces its expanded partnership with a leading global automotive OEM, it's important for investors to assess the company's financial health and market position. According to InvestingPro, Urgently is currently facing some financial challenges. Analysts have raised concerns about the company's cash burn rate and anticipate a sales decline in the current year, which could impact the company's ability to sustain operations without additional financing. This is particularly significant as the company embarks on its extended agreement which may require upfront investments to support the expanded services. InvestingPro Data highlights a market capitalization of 14.76 million USD, which indicates a relatively small player in the market. The company's gross profit margin stands at 21.68% for the last twelve months as of Q1 2024, underscoring the struggles with weak gross profit margins. Furthermore, the price of ULY has experienced a significant decline, with a 1-year price total return of -79.32%, reflecting investor concerns and potentially presenting a buying opportunity for those who believe in the company's long-term strategy. With Urgently's stock having fared poorly over the last month and the price falling significantly over the last year, investors may want to pay close attention to the company's upcoming earnings report and any strategic updates. For those interested in a deeper dive into Urgently's financials and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/ULY, providing a more comprehensive analysis and guidance.

Urgently Renews and Expands Roadside Assistance Contract with Global Automotive OEM - Urgently (NASDAQ:ULY)

VIENNA, Va., Aug. 12, 2024 (GLOBE NEWSWIRE) -- Urgent.ly, Inc. ULY ("Urgently"), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced the renewal and expansion of its five-year customer partner relationship with a global automotive OEM, known for its precision engineering and commitment to delivering an unparalleled driving experience. The renewed agreement extends this relationship to seven years and expands the relationship geographically from the U.S. market to now include Canada. "We are extremely proud to continue and expand this long-term partnership," said Matt Booth, Chief Executive Officer, Urgently. "This renewal is the latest example of our commitment to delivering customer value through exceptional service, cutting edge technology and a prioritization of safety. We look forward to continuing our collaboration to fulfill our partner's vision for its roadside assistance programs in the U.S. and Canada." Under the renewed contract, Urgently will continue to power the automotive OEM's warranty roadside assistance program and post-warranty roadside assistance membership plans, providing assistance for operational, technical and mechanical breakdowns, as well as accident-related towing services. The automotive OEM partner will continue to utilize Urgently's comprehensive technology stack, including dispatching APIs integrated into its global CRM system, dealer portals, client portals, and customer-facing products. The renewed contract includes the use of Urgently's digital platform to facilitate dealer-provided mobile service programs, offering real-time mobility assistance as an extension of the dealership. This includes algorithms for job distribution across various networks, based on real-time data such as location, availability, capacity and service requirements, as well as service provider apps and portals for service delivery, communication and tracking. Urgently believes this contract renewal further solidifies its position as a preferred roadside and mobility assistance partner, leveraging Urgently's connected assistance platform to drive efficiency and an exceptional customer experience aligned with the automotive OEM's iconic brand. For more information about Urgently's roadside and mobility assistance solutions visit https://www.geturgently.com/industry-solutions. About Urgently Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company's digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com. This press release contains or may contain "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently's future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as "may," "will," "could," "should," "would," "plan," "potential," "intend," "anticipate," "project," "predict," "target," "believe," "continue," "estimate" or "expect" or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently's customer partner contract renewal and expansion, are based on the current assumptions of Urgently's management and are neither promises nor guarantees, but involve a significant number of factors that may cause our actual performance or achievements to be materially different from any future performance or achievements stated or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties detailed in our filings with the Securities and Exchange Commission ("SEC"), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 202, our quarterly reports on Form 10-Q, including our quarterly report on Form 10-Q for the quarter ended March 31, 2024, which was filed with the SEC on May 14, 2024, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements reflect Urgently's beliefs and assumptions only as of the date of this press release. Urgently undertakes no obligation to update forward-looking statements to reflect future events or circumstances. Contacts: For Press: [email protected] For Investors: [email protected] Market News and Data brought to you by Benzinga APIs