InsurTech LeakBot will be spun out of HomeServe after becoming the subject of a reverse takeover by a special-purpose acquisition company.

HomeServe, headquartered in Walsall, is a FTSE250 public company which is focused on emergency repairs and improvements within the home.

Its subsidiary HomeServe Labs Ltd, which trades under the name LeakBot, is focused on the development and commercialisation of a water security system for the detection of micro-leaks in residential properties.

Protected by patents in Europe and the USA, LeakBot is an InsurTech solution that assists home insurers to reduce claims cost, deliver a better customer experience through the benefits of early intervention and provides risk data that potentially allows insurers to differentiate premium pricing.

Now Spinnaker Acquisitions Plc, a London-listed company formed specifically for the purpose of taking over businesses or assets operating in the sustainability and/or energy transition sectors, has agreed a reverse takeover SPAC deal.

Should the deal – which is contingent on the successful completion of fundraising through a new share placing – go through, the parent company’s name will be changed to Ondo InsurTech Plc, with LeakBot Ltd a subsidiary within it.


Water damage is the number one source of claims on residential properties in the 97 million households in LeakBot’s target markets and results in significant waste of building materials which often must be stripped out and sent to landfill. 

The LeakBot technology therefore contributes in a practical way to sustainability by the avoidance of water wastage and the reduction of the amount of damaged building materials being sent to landfill.

The LeakBot technology can be provided free of charge to householders by insurance companies.

“In a green economy space where hubristic plans and greenwashing are often seen, we are delighted to be working towards an acquisition that is neither of these,” said Andy Morrison, chairman of SPAQ.

“Labs is an established business and technology that taps into an existing insurance business model while making a practical contribution to avoiding waste. We were impressed from the start with the quality of management, and we look forward with confidence to completion and execution.”


Home insurance is a large market with $96 billion of Gross Written Premium widely expected to be impacted by several broad technological trends such as the Internet of Things, artificial intelligence and digital automation. This is demonstrated by the very large influx of investment into InsurTech, with risk management and claims mitigation being the main areas of focus.

Craig Foster, CEO of HomeServe Labs Ltd, said: “We have proved LeakBot’s efficacy following an extended period of product development and customer implementations in association with major UK, US and Nordic home insurers.

“We are now excited to be entering a new phase of our journey with SPAQ and the continuing support of HomeServe to finance the roll out and adoption of LeakBot in our target markets, where there are some 97 million addressable homes.”