Potential new Homeserve Labs owner leaks flotation plans

Spinnaker Acquisitions (SPAQ), a new vehicle which is 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 firm announced a reverse takeover of Homeserve Labs, a subsidiary of ots FTSE 250 parent company. The deal will see Spinnaker change its name to Ondo InsurTech Labs and Labs to LeakBot.

Labs is a B2B insurtech business and a wholly owned subsidiary of HomeServe. Craig Foster originally set up an innovation team for HomeServe group during 2014, designed to incubate a range of new ideas for the group. During 2014- 2018, Labs developed and patented the underlying technologies for a propriety leak detection system. The leak detection system is called LeakBot. The LeakBot system is a patented water security system that prevents small leaks from turning into insurance claims.

As at today, there are 35,000 registered LeakBot devices (with19,500 shipping in the last 12 months) supplied to partners. The company says it is in discussions with eleven potential partners in the UK and US to enter into further partner contracts.

Craig Foster, CEO of Labs said: “LeakBot is the first IOT leak prevention system that is in roll-out with multiple carriers and in operation in multiple countries. Now we will be one of the first InsurTechs to IPO in the UK. This is a huge credit to the great team that have worked so hard to figure this out 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 will reduce claims, reduce waste, save water and lower the costs of insurance. 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 13 December 2021, we have continued to make excellent progress towards execution of the transaction. I look forward to soon handing over the reins into the capable hands of Craig and the Labs team, while continuing as a committed director and shareholder of the enlarged company.”