Gett Nears $1.1 Billion SPAC Merger to Go Public
Gett is nearing a merger with a special-purpose acquisition company that would take the corporate-transportation platform public with a roughly $1.1 billion valuation, according to people familiar with the matter.
Started more than a decade ago as a ride-hailing competitor to Uber Technologies Inc. and Lyft Inc., Gett now focuses on streamlining a company’s ride-hailing, taxi and limousine booking options around the world into one platform. It says doing so saves customers time and money. Gett now joins with companies such as Lyft and Indian ride-hailing operator Ola to offer many different services.
London-based Gett is close to a deal with Rosecliff Acquisition Corp. I (RCLF), a SPAC backed by the investment firm Rosecliff Venture Management LLC, the people said.
Gett is marketing itself as a practical solution for global companies to transport workers rapidly, particularly with many still working from home at least part-time during the coronavirus pandemic, the people said. The company now works with roughly a quarter of Fortune 500 companies, including Apple Inc. and Coca-Cola Co. , they said.
The merger would mark a new step in Gett’s attempt to refocus its operations after closing its New York ride-sharing business Juno in 2019. Several years earlier, Gett Chief Executive Dave Waiser said it would eventually offer services such as on-demand manicures, housecleaning and pizza delivery.
At one point in 2019, the company was valued at about $1.5 billion and had raised several hundred million dollars in funding, including a roughly $300 million investment from auto maker Volkswagen AG .
Gett still operates ride-hailing services in markets such as Israel and London, but roughly 40% of its trips for corporate clients now come from third parties, the people said.Read more