Gett

growth-positive

Gett, a taxi and delivery app, is being acquired for $190 million by a consortium of six financial institutions, including Leumi Partners and Mizrahi Tefahot Invest. The deal, set to be completed next Monday, reflects a company valuation of $190 million. The acquisition is notable for its lack of due diligence by the buyers, who are relying on a previous review by Pango. Gett is expected to post an operating profit this year and has a healthy cash reserve of $70 million. The company has raised a total of $900 million over the years, with past investors including Volkswagen.

growth-positive

Gett, a leading taxi app, has been acquired by a group of investors including לאומי פרטנרס, מיטב, מזרחי טפחות, הפניקס, and קלירמרק קפיטל for $188 million. This acquisition follows a failed attempt by Pango to purchase Gett for $175 million, which was blocked by the competition authority due to market concerns. The acquisition price is slightly lower than the $209 million valuation reported by VNV, a major shareholder, earlier this year. Despite challenges, Gett has shown resilience and growth, particularly in the UK market, and is expected to perform strongly in the coming years.

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The article discusses the cancellation of the merger between Gett and Pango, highlighting a broader issue in the technology sector where companies have historically merged without much interference, leading to reduced competition and consumer harm. Regulators, including the Israeli Competition Authority, are now recognizing these dynamics and are opposing such mergers. This specific merger cancellation reflects a growing awareness and intervention by regulators to prevent monopolistic practices in the digital world. The article also touches on other technology-related topics, including AI advancements and investments by major tech companies.

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Pango has withdrawn its application to merge with Gett after the Israeli Competition Authority raised significant concerns about the potential impact on market competition. The $175 million deal, signed a year ago, faced opposition due to fears that it would harm competitors like Cellopark and Yango. Despite discussions with the Authority to find conditions that might allow the merger, the proposal was ultimately rejected. Pango, which operates in the parking services market, and Gett, a leader in taxi and delivery services, were concerned about the extensive consumer data held by both companies. The decision to withdraw was made after a year of regulatory scrutiny, with little chance of approval.

growth-negative

Pango has acquired taxi and transportation services company Gett for $175 million. Gett, which was valued at $1.5 billion four years ago, has struggled to find a buyer and has seen its valuation dwindle. The company has raised $900 million in funding over the years, with the main shareholder being Swedish fund VNV Global. Getts shareholders will receive about $175 million for all of the companys shares, with Getts cash reserves of about $40 million to also be distributed among the shareholders. Pango is known for its digital parking services app and is owned by the Weil family.

growth-negative

Parking payments app Pango is in negotiations to acquire taxi hailing app Gett. The negotiations are taking place at a valuation of $150-160 million, which is nearly 80% below Getts valuation in its cancelled IPO. This valuation is also a 24% decline from the companys valuation in 2023. Gett has stated that it has attracted interest from financial entities and potential strategic partners worldwide.

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Transportation company Gett, which reached unicorn status in 2016, is currently negotiating its sale at a value of only $200 million, a fifth of what it raised. The company, once compared to Uber, has struggled to keep up with its competitors. Getts founder and former CEO, Dave Waiser, has left the company. The company is now being sold for a fraction of its previous valuation. Getts story is part of a unique puzzle created by startups in the field of urban transportation, which were led by buzzwords and grand promises of disrupting an out-of-date industry.

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Israeli private equity fund Fortissimo Capital is in initial negotiations to acquire control of Gett, a ride-hailing company currently controlled by Swedish fund VNV Global. The valuation of Gett in the negotiations is around $200 million, and Fortissimos investment is expected to be approximately $130 million. Gett, which has raised a total of $900 million to date, has experienced significant changes over the years. The companys operations in Israel are profitable, and the potential deal could enable Gett to expand into additional territories. The main shareholder of Gett is VNV Global, which owns a 43% stake.

growth-positive

Transportation company Gett, owned by VNV Global, is debt-free, profitable, and growing. However, its valuation has decreased by 90% since August 2021. Gett terminated its SPAC plans and exited the Russian market in Q1 2022. The company underwent a financial restructuring and is now debt-free. Co-founder and CEO Dave Waiser left the company, and new co-CEOs were appointed. VNV Global has been invested in Gett since 2014.

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Investor VNV Global values its 24% ownership in Gett at $63.6 million, based on a forward-looking revenue multiple-based valuation. Gett is currently valued at $265 million. Getts IPO plans have been canceled, and the company is in need of funding. Outgoing CEO Dave Waiser is leaving to build a new company, and Max Krasnykh and Matteo de Renzi will replace him as co-CEOs. VNVs holdings in Gett grew from 5.3% to 24% as it likely purchased most of Getts debt from Russian bank Sberbank. Gett serves a third of the Fortune 500 and has raised $800 million to date.

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Getts CEO and founder, Dave Waiser, is stepping down to start a new venture, with Max Krasnykh and Matteo de Renzi taking over as co-CEOs. This comes after Gett cancelled its SPAC merger with Rosecliff Acquisition Corp I due to market volatility. A significant number of Getts investors, including the Vostok fund, have acquired Getts $160 million debt to the now-bankrupt Russian bank Sberbank. Gett, which serves a third of the Fortune 500 in over 1,500 cities worldwide, has raised $800 million to date.

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Gett, a ground travel company, has announced its permanent withdrawal from the Russian transportation and delivery market and the cancellation of its SPAC merger with Rosecliff Acquisition Corp I. The reasons for these decisions were not specified, but it is likely due to the recent invasion of Ukraine. Gett stated that the withdrawal from Russia is a result of market volatility. The company had planned to merge with Rosecliff in a transaction valued at $1 billion. Gett reported strong growth and profitability in 2021 and expects to be ready for an IPO in 2023.

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Israeli ridesharing app Gett plans to go public on the Nasdaq through a merger with SPAC Rosecliff Acquisition I. The deal is expected to provide Gett with $283 million in cash and cash equivalents. Gett aims to use the funding to fuel growth and solidify its position in the global transport management market. The expected closing date for the deal is in the first half of 2022. Gett has previously raised $850 million, including $300 million from Volkswagen. The company had a positive cash flow since late 2019 but experienced a slight decrease in valuation in recent quarters.

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Global corporate ground travel company Gett is on the verge of merging with a special purpose acquisition company (SPAC) at a valuation of $1.3-1.5 billion. Gett is currently closing its PIPE investments, estimated to be in the region of $150-200 million, with the assistance of Morgan Stanley and the Jefferies Group. The merger is likely to take place in the coming weeks. Despite the companys previous delays in going public, it is now set to go public via a SPAC merger. Gett, originally founded as Get Taxi in 2010, has rebranded itself as a company focused on the enterprise market for corporate ground travel.

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Gett has partnered with Curb Mobility to integrate yellow taxis into its app, expanding its service to cover 65 cities across the U.S. The deal does not involve any investment. Gett has been focusing on enterprise accounts and partnering with third-party fleets to differentiate itself from competitors like Uber and Lyft. The company aims to scale by working with partner fleets and providing a platform that integrates with businesses for easier ride ordering and expense management. Gett expects partner fleets to cover the majority of its rides by the end of the year. The partnership with Curb will provide drivers using Curbs software with more business opportunities and give Getts business users access to reliable transportation options.

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Israeli company Gett, the operator of a taxi-hailing service, is considering going public in the US through a merger with a SPAC. The company, valued at $1.9 billion, is also exploring the option of listing in Europe. Gett is currently working with investment bankers, but the plans are still in the early stages and it is unclear which route the company will ultimately choose.

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Global corporate ground travel company Gett Inc. has raised an additional $15 million to complete a $115 million funding round. The funding will be used to accelerate the development of the SaaS platform and the companys global expansion. Gett rebranded itself from a taxi-hailing company to one focused on the enterprise market, optimizing corporate ground travel needs. The CEO of Gett expressed delight in investors finding their model attractive and mentioned that the company finished 2020 operationally profitable and on budget. The funding round was oversubscribed, indicating market interest in Getts platform and long-term vision.

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Gett, a ride-hailing service, has partnered with Carbyne to connect riders with emergency services. The collaboration will impact Getts drivers in Israel and allow riders to directly communicate with EMS responders, police, or IDF personnel for live video or silent instant chat. Carbynes technology will provide location data and enable communication with each rider. The partnership aims to improve transportation-related emergencies by providing critical, life-saving information to first responders. Getts CEO in Israel highlighted the benefits of incorporating Carbynes technology into their services. Carbyne, founded in 2014, has raised $23 million, while Gett has raised $913 million.

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Global corporate ground travel company Gett Inc. has signed a strategic partnership agreement with U.K. ride-sharing company Ola Cabs. The partnership will enable Getts business clients to receive service from Ola drivers worldwide through the Gett SaaS platform. Ola, the leading mobility platform in India, operates in 250 cities across India, the U.K., Australia, and New Zealand. Gett recently completed a $100 million financing round to expand its enterprise services globally and deploy its SaaS solution through strategic partnerships.

growth-positive

Global corporate ground travel company Gett Inc. has raised an additional $76 million in funding, bringing the total funding to $100 million. The funding will be used to expand the companys global presence, particularly for its enterprise service. Gett is currently profitable in Russia, Israel, and the U.K. and aims to achieve profitability company-wide in the first quarter of 2021. The funding will provide flexibility for global expansion. Gett plans to serve business clients worldwide through a single app and aims to provide ride and delivery services locally and during business trips. The company has experienced a decrease in private transportation and corporate services due to the pandemic but has seen an increase in its delivery business. Gett is considering an IPO in the future.

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Despite a drop in private and business transportation, Gett Inc. has only seen a 5% decline in value in Q1 2020 due to an increase in its delivery business. The companys profitability is expected to remain stable despite the pandemic. Getts strategy of serving businesses and corporations has helped it maintain its income levels. The company is close to finalizing a $60 million funding round, which would be structured as a loan note convertible into shares when Gett goes public. Gett has reduced salaries, implemented a four-day week, placed some employees on unpaid leave, and conducted a small number of layoffs. The company was founded in 2010 and has raised $790 million in equity to date.

growth-negative

Gett, a ride-hailing company, raised $24 million in funding during the fourth quarter of 2019, according to a report by Vostok New Ventures. Vostok invested $5 million through a convertible loan. The report also revealed that Getts valuation dropped by 7% to $1.4 billion. Gett had previously announced raising $200 million in May 2019, but it was later clarified that the actual amount raised was $120 million. Gett has rebranded itself as an enterprise-focused company and has partnerships with Lyft and Via Transportation. The report highlighted that Gett became operationally profitable in December 2019. The company has over 17,000 business clients, including Fortune 500 companies.

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Transportation app company Gett has announced that it has become operationally profitable in December 2019. However, there are concerns about the way Gett reported its financial results, as it used accepted terms such as operating profit and EBITDA in non-traditional ways. Gett did not deduct R&D expenses from its operating profit figure, which is unusual for a technology company. The article compares Getts reporting to that of its competitor Uber, which deducts R&D expenses to arrive at its adjusted EBITDA. The switch from losses to profit before R&D expenses is attributed to the closure of Juno, which Gett acquired in 2017. Gett also announced a collaboration with Lyft in New York to support its planned IPO in Q1 2020.

growth-negative

Gett, the ridesharing company, is closing its operations in New York under the Juno brand. The closure is due to the enactment of regulations in New York City. Gett has entered into a strategic partnership with Lyft to take on its enterprise customers starting next year. Getts CEO still expects the company to be operationally profitable by December and plans for an IPO are still on the horizon. The Lyft partnership will allow Getts corporate customers to use their Gett apps to order Lyft cars. Gett acquired Juno for $250 million in 2017 to compete with Uber and Lyft in the New York market.

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Israeli ride-hailing app Gett plans to go public in 2020 after achieving profitability in the UK and Israel. The company had previously considered an IPO in 2019 but decided to focus on improving revenue and EBITDA. Gett has raised a total of $800 million, including $200 million earlier this year at a valuation of $1.5 billion. The company operates in 120 cities worldwide. While there were reports that the IPO could be on the Tel Aviv Stock Exchange, market sources are skeptical about its success. Gett remains committed to achieving profitability in all territories before going public.

growth-positive

Israeli taxi-hailing company Gett Inc. has raised $120 million in equity and debt financing according to a company valuation of $1.5 billion. The capital will be used for Getts upcoming IPO, with the company considering either Israel or London as the listing location. Gett aims to achieve operational profitability in all its markets by Q4 2019 and has seen 63% growth in Q4 2018 year-over-year. Gett has raised a total of $790 million to date, including over $300 million from Volkswagen AG.

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Gett CFO Tal Brener is leaving the company and will be replaced by Aliaksei Aneichyk, who has extensive experience in public offerings. Gett is considering an offering by the end of the year and has consulted financial advisors. Aneichyk has 12 years of experience at Credit Suisse and has raised $18 billion through offerings and private placements. Gett is facing tough competition from Uber and Lyft and has decided to focus on improving its bottom line, which may impact its growth. The company has expanded to 120 cities worldwide and acquired competitor Juno for $200 million. Gett has been unsuccessful in selling the company and hopes Aneichyks experience will help it survive in the competitive market. Tal Brener is leaving to become CFO of Natural Intelligence.

growth-positive

Israeli taxi hailing app Gett is planning an IPO later this year. The company expects to become profitable later this year and currently books hundreds of millions of dollars in revenue. Gett raised $80m from shareholders including Volkswagen, bringing its total raised to over $700m and its latest valuation to $1.4b. There have been reports that Volkswagen has written off its investment in Gett and that the company is seeking to offload its New York business. Gett is active in the UK, Israel, and Russia.

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Israel-based ride-hailing company Gett Inc. is signaling it may seek to go public by the end of 2019. Getts founder and CEO, Dave (Shahar) Waiser, wrote in an email to employees that the company wants to be ready for an IPO offering by the end of the year. Gett has been progressing in both revenues and its journey to profitability, unlike its competitors who have shown an increase in losses. In 2017, Gett acquired Juno for $200 million, but it intends to sell Juno and pull out of the U.S. market due to high operational costs. Volkswagen AG has cut down its investment in Gett to 16 million euros. Yandex N.V. has rolled out its taxi booking service Yango in Israel.

growth-positive

Gett Business Solutions and Carey International have announced that Careys premium chauffeured services are now available on Getts ground transportation management platform. This integration allows users to book Careys services in over 1000 cities worldwide, alongside Getts other transportation options. The partnership aims to provide consolidated digital marketplaces for corporate travel programs, offering a complete portfolio of ground transport solutions. This is the first step of the global partnership between Carey International and Gett Business Solutions, which was announced in 2017.

growth-negative

Volkswagen will write off its investment of over $300 million in Gett, an Israeli taxi hailing company, due to Getts failure to establish a substantial presence in the market against competitors like Uber and Lyft. Relations between Volkswagen and Gett have cooled, and Gett had not met its obligations to Volkswagen. Gett wanted to raise $500 million, but Volkswagen declined to participate in the financing round. Volkswagen has expanded its independent shared transportation activity and ride ordering app through its Moia division. The company also announced a joint shared transportation venture in Israel with Mobileye and the Champion Motors group, in which Gett is not involved.

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Israeli taxi hailing app company Gett is seeking a buyer in order to compete with larger rivals. The company, which has been valued at over $2 billion in the past, is considering selling its entire business or offloading regional operations. Gett may also explore options such as a listing, partnership, or sale of a minority stake to raise capital. Gett has approached potential bidders, including other car-hire firms. Volkswagen has previously invested over $300 million in Gett, viewing it as a potential rival to Uber and Lyft. Gett has raised $80 million from investors, including Swedish fund manager Vostok. The company is also considering leaving the US market, despite acquiring US company Juno for $200 million in the past. Gett remains strong in the UK, Russia, and Israel, operating in 120 cities.

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Gett, a ride-hailing company, announced an $80 million funding round led by existing investor Volkswagen. The company aims to reach operational profitability in the first quarter of 2019. Getts overall equity funding stands at $700 million, which is lower compared to its competitors. The CEO claims that Gett will be the first and only ride-hailing company to achieve profitability in 2019. However, the definition of profitability excludes research and development costs. Gett operates in around 120 cities across Israel, Russia, the U.K., and New York City. The companys vision is to build a profitable global company, with each operational center being independently profitable.

growth-positive

Ride-hailing company Gett is developing a new feature that will allow business clients to book a taxi to the airport and a ride at their destination in the same order. The feature was revealed by Anton Macius, Getts UK head of product and development, on his LinkedIn account. The company, which was founded in 2010, operates in several international markets including Israel, Russia, the UK, and New York. German carmaker Volkswagen is Getts biggest investor, having invested $300 million in 2016 and leading an $80 million funding round in June.

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Israel-based taxi-hailing app developer Gett Inc. generates around $1 billion in mobility services annually, according to a filing by Stockholm-listed venture capital firm Vostok New Ventures Ltd. Vostok, which holds a 5.6% stake in Gett, values its investment at $55.5 million, based on Getts latest $80 million funding round led by Volkswagen. Gett, which operates in Israel, Russia, the U.K. and New York, aims to become profitable in all markets in 2019. In New York, Gett operates as Juno, a local taxi hailing startup it acquired in 2017 for $200 million.

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Israel-based taxi-hailing app developer Gett Inc. plans to sell its New York-based ride-hailing app Juno, which it acquired in April 2017 for $200 million. The decision to sell Juno is due to its high operational costs. Getts total equity funding raised is $673 million, with Volkswagen participating in an $80 million funding round. Getts service is available in around 120 cities worldwide.

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Gett, an Israel-based taxi-hailing app, has announced an $80 million funding round from Volkswagen and other previous investors, bringing the companys valuation to $1.4 billion. Gett aims to become profitable in all 120 cities where it operates by Q1 2019. The company sells over a billion dollars worth of rides annually, with New York and London generating half of that revenue. Gett connects users with registered taxis and black cabs, unlike Uber. It also has 13,000 corporate clients. The funding round includes investors such as Volkswagen, Access Industries, Baring Vistok, and MCI. The funding announcement comes after reports that Gett is aiming for a future funding round of $300-350 million.

growth-positive

Gett Together, the ride sharing service from the app Gett, is offering free rides every Monday in December along its dedicated routes in London and Manchester. Customers can hop in a black cab anywhere along the fixed route using the Gett app. Gett Together supplements existing transport systems by utilizing the black cab infrastructure. The service is free on Mondays and costs £1.50 in Manchester and £3 or less in London on other weekdays.

growth-positive

Gett has acquired Israeli startup Streetsmart, a company that has developed a system for managing taxi fleets. The acquisition price is believed to be a few million dollars. Streetsmarts system uses big-data analysis algorithms and artificial intelligence to optimize routes for taxi drivers, reducing passenger waiting time and increasing fleet efficiency. This acquisition follows Getts recent acquisitions of US company Juno and Radio Taxis in the UK. Streetsmart has raised $2 million in funding.

growth-positive

Israeli taxi hailing app Gett is launching its Gett Together service in Israel, which will allow ridesharing by many passengers in large vehicles and minibuses on set routes mainly for businesses. The service will be operated by an app and will collect payment directly from employers or institutions. Gett is already in talks with several large companies for this service.

growth-positive

Gett has acquired Juno, a rival transportation app in the New York market, for $200 million. The deal includes Junos network of licensed drivers, employees, and founding team. The acquisition will strengthen Getts position in the market, enabling it to compete with Lyft and Uber. Gett, which raised $300 million from Volkswagen last year, plans to raise another large round this year to fuel its growth. The company also plans to expand to other markets, complementing its footprint in Europe covering 100 cities.

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Gett, the taxi-hailing service backed by $300 million from Volkswagen, is reportedly acquiring Juno at a valuation of around $250 million. The acquisition is aimed at solidifying Getts position as the number two player in the transportation-on-demand market, particularly in New York. The combined company plans to expand to other markets nationally. Gett and Juno are both competing against Uber and other taxi firms, and the acquisition will help them compete by pooling their resources. Juno, founded by the founders of Viber, aims to prioritize drivers by giving them a shareholding in the company. Gett has previously raised $513 million and has Volkswagen as a strategic partner. The acquisition comes at a time when Uber is facing internal turmoil and its rivals are looking for opportunities to grow.

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On-demand ride service Gett has secured a $100m, seven-year loan facility from Russia’s Sberbank. The funds will be used to expand the service with the bank, one of its big corporate customers, as well as for more general business expansion. The loan represents Sberbanks first investment into the area of ride sharing and on-demand startups. Gett, which operates in 100 cities, has raised $622m to date, including this loan.

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Israeli rideshare startup Gett has launched a carpooling service called Gett Together in New York City. The service offers commuters in Manhattan $3 direct rides at a flat rate, providing an alternative to buses and subways. Riders can share vehicles with others going the same way along pre-established routes. Gett is already providing fixed fare rides in Manhattan and ride-hailing services in over 80 cities worldwide. The launch of Gett Together is a growth-positive move for the company as it expands its services and offers a cheaper and more convenient option for carpooling in underserved areas of New York City.

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Taxi app Gett has acquired rival firm Radio Taxis for an undisclosed sum to help it compete with Uber. The acquisition brings Getts number of black cab drivers in London closer to 11,500, nearly half of all black cab drivers in the city. Gett believes in competition and coexistence with other taxi companies in London. The company operates in multiple countries and expects its revenues to rise in 2016.

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Gett, formerly known as GetTaxi, has announced that it will raise taxi fares for business customers in Tel Aviv due to traffic jams caused by light rail construction. Fares for private customers will remain unchanged. Gett is a leading competitor to Uber in the Tel Aviv taxi market for businesses, serving companies such as Google Israel, Channel 10, and major law and accountancy firms.

growth-positive

Israeli startup Moovit is partnering with Gett to expand its app for navigating public transportation to include Getts taxi services. The app will allow users to compare arrival times and order a taxi through the Moovit app. This partnership is unique as it combines public transportation with taxi services, which is not currently available in other apps. The feature is currently only available in Israel for Android users, but will be expanded to iOS users in the future.

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Israeli start-up GetTaxi has rebranded to Gett, resulting in a 950% increase in downloads and increased revenue. The company has expanded to 25 cities in the UK and plans to offer services beyond taxis, such as food delivery and home maintenance. The rebranding was necessary to connect with a new audience and to compete in the fiercely competitive taxi app market. Gett aims to become the first global app for essential services and products. The company has a loyal following but faces challenges in meeting consumer expectations and building partnerships to provide on-demand services. Gett operates in the UK, US, Moscow, and Tel Aviv.

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Gett, an app-based black car service, is competing with other car service companies in New York City. The company is offering $10 rides between 110th Street and Battery Park as a promotion. It also unveiled a service for corporate clients. Gett has raised $207 million in venture funding and has experienced 300% growth year-over-year. Unlike Uber, Getts price point does not fluctuate based on customer traffic and it exclusively uses black cabs. The company plans to expand to areas in Queens and Brooklyn in the future. Gett focuses on slow and careful expansion based on data and user behavior.

growth-positive

Gett, formerly known as GetTaxi, has launched its taxi app in Newcastle as part of its UK expansion. The app pairs users with licensed Hackney carriage drivers and takes a 10% fee on every ride. Gett plans to offer additional delivery services such as dry cleaning and food and drink. The company has already expanded to cities like Edinburgh, Liverpool, and Manchester, and claims to have 7,000 drivers on board nationally. Gett offers customers the option to book rides in advance and provides driver information for safety. The launch in Newcastle is seen as a response to competition from Uber, and the company is offering £10 free credit for first-time users in the city.

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GetTaxi has raised $150 million in a financing round, allowing them to expand services in New York and other European cities. The company is already profitable in 22 of the 24 cities it operates in and aims to become profitable at the group level in Q1 2015. The financing round comes after Uber raised $1.2 billion at a valuation of $18.2 billion. Vostok Nafta Investment has invested $25 million in GetTaxi and believes the company has the potential to become the leading player in Russia and Israel, with a potential valuation of over $2 billion in a few years.