EV Subscription Co. Autonomy & Deloitte Launch SaaS Platform

With the ups and downs of the electric vehicles (EV) market, businesses are either riding the curve or facing a rough road in trying to keep driving forward.

Unfortunately, this spells shutting up shop for some, while for others it means finding alternate routes to stay in business.

Leading EV subscription company Autonomy is one such company that’s shifting its focus from its originally intended business, to offer a new range of software applications and services.

In its latest move, Autonomy has built on its partnership with Deloitte to announce a new business offering for its current and new customers.

So, what did the two companies reveal about their new business? Let’s explore!
 

What Did Autonomy And Deloitte Announce?

 

• According to a news release, Autonomy announced that it was launching a new Software-as-a-Service (SaaS) business called Autonomy Data Services or ADS for short.

• The business will be launched in partnership with Deloitte.

• The move comes as Autonomy shifts its focus from its previous EV subscriptions to its new SaaS form.

• The new company has secured $2.5 million in new funding and completed a $32 million debt-for-equity swap with Autonomy’s previous lenders.

• Furthermore, ADS has acquired key assets from Shift, Canvas, UberXChange Leasing and Fair, in a deal valued between $10 million and $12 million.

• ADS has also acquired all subscription-related technology and intellectual property required.

• The collaboration between Autonomy and Deloitte builds on a previous strategic partnership between the two companies, which was announced in November 2023 and was meant to accelerate the adoption of EVs by making them more accessible and affordable.

 

What Is Autonomy’s New SaaS Platform Autonomy Data Services (ADS) About?

 

• Through an interview of Scott Painter, the Founder of ADS, it was revealed that the company would provide a software platform for automakers looking to build and operate their own subscription services.

• The platform will also provide data and will be available for electric, gas, new and used cars.

• The company is also in talks with car dealers, fleet operators and construction and farm equipment-selling companies that may want to offer subscriptions.

• As per the Painter, an early version of the service is already generating revenue, while the company is negotiating with multiple other car companies.

• As per the partnership terms, ADS is set to receive a revenue share as the SaaS provider and Deloitte will generate revenue by charging customers to customize their platform.

• “Our lenders had what’s called senior secured status; they could have killed the company and tried to liquidate the fleet” to get some of their money back, he says. But he worked with them to convert $32 million worth of debt in Autonomy into equity in ADS,” Painter said in the interview.

 

What Did Autonomy Data Services (ADS) Executives Say About The Launch?

 

• Scott Painter, Founder of ADS, said, “With Deloitte as our partner, ADS is set to expand its market reach by leveraging Deloitte's extensive network and expertise.”

• [Contd.] “This partnership positions ADS at the forefront of the evolving vehicle subscription market, enabling the provision of innovative solutions without the burden of debt or residual risk.”

• George Bauer, Executive Chairman of ADS, said, “The shift to a SaaS model allows ADS to leverage its technology and data to offer comprehensive subscription solutions to OEMs.”

• [Contd.] “Here at ADS, we are now a bigger believer in the subscription model more than ever.”

Despite the introduction of its new company's pivoted focus with a new SaaS offering, Autonomy will continue to operate its 1,000-vehicle fleet, which remains significantly under its stated goal of 23,000 vehicles.

Do you think this new venture will be successful? Do you think ADS’ competitors will need to upgrade their offerings?

Let us know in the comments below!