Urgently Secures Three-Year, Roadside Assistance Contract Renewal with Global Automotive Fleet Management Customer Partner

Rhea-AI Summary

Urgent.ly, Inc. (Nasdaq: ULY) has secured a three-year contract renewal with a global automotive fleet management customer partner, extending their relationship to nine years. The renewal highlights Urgently's success in retaining all roadside assistance contracts up for renewal since Q2 2024. The partnership leverages Urgently's comprehensive technology stack, including:

1. Service capabilities for vehicle classes 1 through 6
2. AI-driven yield-based pricing technology with predictive capabilities
3. Connected assistance platform for efficiency and customer experience

CEO Matt Booth emphasized the renewal's reflection of Urgently's strong technology and service delivery. The company aims to continue providing solutions that meet evolving customer needs and support profitable growth.

Positive

• Secured a three-year contract renewal with a global automotive fleet management customer
• Extended long-term customer relationship to nine years
• Successfully retained all roadside assistance contracts up for renewal since Q2 2024
• Leveraging AI-driven yield-based pricing technology with predictive capabilities

Negative

• None.

Insights

Fleet Management Analyst

This contract renewal with a global automotive fleet management company is a significant win for Urgently. The three-year extension, bringing the total partnership to nine years, demonstrates strong customer satisfaction and the effectiveness of Urgently's services. The retention of all roadside assistance contracts since Q2 2024 further underscores the company's competitive edge.

Urgently's comprehensive technology stack, including AI-driven yield-based pricing and predictive capabilities, positions them well in the evolving fleet management landscape. The ability to service vehicle classes 1 through 6 showcases versatility, potentially opening doors to a wider market segment.

While specific financial details are not disclosed, the renewal likely contributes to stable revenue streams and potentially improved margins through efficiency gains. Investors should view this as a positive indicator of Urgently's market position and growth potential in the digital roadside assistance sector.

Technology Analyst

Urgently's technology stack is a key differentiator in this contract renewal. The AI-driven yield-based pricing technology with predictive and location-aware capabilities is particularly noteworthy. This advanced system likely provides a competitive advantage by optimizing pricing and resource allocation, potentially leading to improved operational efficiency and profitability.

The emphasis on minimizing vehicle downtime through actionable insights is important for fleet management companies, as it directly impacts their bottom line. Urgently's ability to deliver on this front likely played a significant role in securing the renewal.

The company's focus on a comprehensive digital platform for roadside and mobility assistance aligns well with the industry trend towards connected and data-driven fleet management solutions. This positions Urgently favorably for future growth and potential expansion into related services within the automotive and mobility sectors.

The renewal extends this long-term relationship to nine years, and was driven in part by Urgently’s service capabilities and next-generation yield-based pricing technology

VIENNA, Va., Oct. 08, 2024 (GLOBE NEWSWIRE) -- Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced its three-year contract renewal with a customer partner that operates a global automotive fleet management company. The renewal extends this long-term customer partner relationship to nine years, with Urgently powering the fleet management company’s roadside assistance program.

With the addition of this customer partner renewal, Urgently has successfully retained all roadside assistance contracts up for renewal since the beginning of the second quarter of 2024, an indication of Urgently’s commitment to delivering customer value through exceptional service, cutting edge technology and a prioritization of safety.

“We are privileged to have the opportunity to continue this successful partnership, which we believe reflects the strength of our technology and the outstanding level of service we deliver,” said Matt Booth, Chief Executive Officer, Urgently. “We look forward to continuing to provide roadside assistance solutions that meet our customer partner’s evolving needs and support our focus on accelerating profitable growth.”

Under the renewed contract, the automotive fleet management company will leverage Urgently’s comprehensive technology stack and capabilities, including:

• Service capabilities, encompassing vehicle classes 1 through 6, from light duty passenger cars, vans and small pickup trucks, through medium duty commercial vehicles
• AI-driven yield-based pricing technology with predictive and location-aware capabilities that deliver network pricing and actionable insights to help minimize vehicle downtime

Urgently believes this renewal 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 fleet management company’s 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.

Forward Looking Statements

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, 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 June 30, 2024, which was filed with the SEC on August 13, 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: media@geturgently.com
For Investors: investorrelations@geturgently.com

FAQ

What is the duration of Urgently's (ULY) new contract renewal with the global automotive fleet management customer?

Urgently (ULY) has secured a three-year contract renewal with the global automotive fleet management customer partner.

How long has Urgently (ULY) been partnering with this global automotive fleet management company?

With this renewal, Urgently's (ULY) partnership with the global automotive fleet management company extends to nine years.

What key technologies does Urgently (ULY) offer in its renewed contract with the automotive fleet management company?

Urgently (ULY) offers service capabilities for vehicle classes 1-6, AI-driven yield-based pricing technology with predictive capabilities, and a connected assistance platform for efficiency and customer experience.

How has Urgently's (ULY) contract retention rate been since Q2 2024?

Urgently (ULY) has successfully retained all roadside assistance contracts up for renewal since the beginning of the second quarter of 2024.