- Roadzen, Inc. completes the acquisition of National Automobile Club in a move that strengthens the company's presence in the U.S. and positions it to revolutionize the commercial auto insurance market.
- The acquisition of NAC enables Roadzen to offer NAC’s customers an end-to-end, automated claims and roadside assistance experience by integrating its cutting-edge AI solutions.
- Acquisition fulfills a closing condition for Roadzen’s proposed business combination with Vahanna Tech Edge Acquisition I Corp., and brings the company closer to its vision of becoming a global leader at the intersection of AI, mobility and insurance.
NEW YORK - July 06, 2023 (GLOBE NEWSWIRE) -- Roadzen, Inc. (“Roadzen” or the “Company”), a global insurance technology company, today announced completion of its acquisition of National Automobile Club (“National Automobile Club” or “NAC”), one of the oldest commercial auto clubs in the U.S., in a move that will bolster Roadzen’s U.S. presence and help the Company transform the massive commercial auto insurance market in the U.S.
NAC is a licensed auto club in California and a provider of claims management and 24/7 commercial roadside assistance in the U.S. NAC is focused on the commercial automotive industry and its nationwide network of professional service providers provides roadside, transport and first notice of loss (“FNOL”) services. NAC is headquartered in Burlingame, California.
“Roadzen views the acquisition of NAC to be the cornerstone of its strategy to penetrate the U.S. market, the largest auto insurance market in the world,” said Rohan Malhotra, Chief Executive Officer and Founder of Roadzen. “We are integrating our state of the art AI products for FNOL, vehicle inspection, dispatch and claims management at NAC to offer customers an end-to-end automated claims and roadside experience.”
Shanon Duthie, CEO of NAC, said, "We are thrilled to join forces with Roadzen and kickstart a new phase for NAC. By harnessing Roadzen's AI capabilities, we are confident in our ability to revolutionize the customer experience, streamline our operations, and solidify our position as an industry leader in providing top-notch claims and roadside assistance services."
Saurav Adhikari, Chairman of Vahanna Tech Edge Acquisition I Corp. (“Vahanna”) (Nasdaq: VHNA), said, "The completion of the National Automobile Club acquisition marks an important milestone for the impending merger of Roadzen and Vahanna. We believe that Roadzen's innovative technology and Rohan's strategic vision will greatly contribute to the transformation of the auto insurance market. This acquisition is strategically consistent with our collective commitment to enhance Roadzen’s technology footprint in the US and global markets.”
NAC’s business-to-business (“B2B”) model is focused on a client base of federal and state fleets, small businesses and commercial fleets, automotive OEMs, fuel card companies, insurance carriers, leasing and financing companies, warranty companies and auto-related companies throughout the country.
Roadzen intends for NAC to operate as a standalone subsidiary to allow for greater flexibility and agility in responding to local market conditions and regulatory requirements, while leveraging Roadzen’s technology, underwriting expertise and sales and operations support.
Roadzen is establishing itself as a leader in the global insurtech industry with a combined presence in the key markets of the U.S., Europe and Asia. Roadzen and NAC have a synergistic B2B2C commercial strategy and target similar clients (insurance companies, auto companies and fleets) in their respective geographies. This synergy, along with Roadzen’s technology, will allow Roadzen and NAC to bring more innovation and products to their existing clients.
The completion of the acquisition of National Automobile Club also satisfied a closing condition of Roadzen’s proposed business combination (the “Business Combination”) with Vahanna, a special purpose acquisition company. On February 13, 2023, Roadzen and Vahanna announced that they have entered into a definitive merger agreement. Upon the closing of the transaction, the combined company will operate as Roadzen Inc. (“New Roadzen”) and expects to be listed on Nasdaq.
About Vahanna Tech Edge Acquisition I Corp.
Vahanna Tech Edge Acquisition I Corp. is a blank check company incorporated on April 22, 2021, as a British Virgin Islands business company and formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
About Roadzen
Roadzen is a leading insurance technology company on a mission to transform global auto insurance powered by advanced artificial intelligence (“AI”). At the heart of Roadzen’s mission is its commitment to create transparency, efficiency, and a seamless experience for the millions of end customers who use its products through insurer, OEM, and fleet (such as trucking, delivery, and commercial fleets) partners. Roadzen seeks to accomplish this by combining computer vision, telematics and AI with continually updated data sources to provide a more efficient, effective and informed way of building auto insurance products, processing claims and improving driver safety. Roadzen has been recognized as a top innovator in the insurtech space by Forbes and Financial Express (India).
