Ondo InsurTech Plc announced the signing of a new contract with insurer Topdanmark, to expand its roll-out to 20,000 new customers in Denmark. Topdanmark with over 15% share of Denmark's home insurance policies. Topdanmark was the first Danish insurer to offer LeakBot to their customers in 2019.

Those customers received a LeakBot device and access to specialised leak location and repair services which resulted in a positive claims reduction experience. The new contract will see Topdanmark expanding the LeakBot service to a further 20,000 customers over 18 months from March 2023. Following the LB Forsikring roll-out announced in July 2022, this expanded distribution in Denmark gets 2023 off to a bright start.

Based on the 46,000 active LeakBot units reported in service at the end of August 2022 as per the interim financial statements, this contract alone can generate growth exceeding 40% upon execution.