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The competitive landscape for transportation apps\u00a0has become a little smaller today. Gett has announced\u00a0that it has acquired Juno, a rival in the New York market. Separately, Gett\u2019s CEO and founder Dave Waiser has told\u00a0TechCrunch in an interview that the price of the deal was $200 million, although the companies are not disclosing other terms such as whether the deal was in cash, shares or a combination of the two.<\/p>\n
The news confirms our report from yesterday<\/a> that the two companies were in advanced discussions for an acquisition, which we reported at the time could be for as much as $250 million.<\/p>\n Now we can give you more details:<\/p>\n \u2014 The deal will bring on all of Juno\u2019s existing business, from its network of licensed drivers through to its employees and founding team of\u00a0Talmon Marco, Igor Magazinik, Ofer Samocha and Sunny Marueli. The four of them\u00a0will remain based in New York to lead the combined companies\u2019 operations in the U.S., which for now are in New York only but with plans to expand to other markets, to complement Gett\u2019s footprint in Europe covering 100 cities.<\/p>\n As we mentioned yesterday, combining the two companies will catapult Gett into a strong position to step\u00a0up competition with Lyft to be the second-largest rides-on-demand service in the city after Uber.<\/p>\n \u2014 This will also likely mean that Gett \u2014 which raised\u00a0$300 million from Volkswagen last year \u2014 will be raising another large round this year to fuel that growth.<\/p>\n \u201cThis\u00a0current deal provides a really\u00a0enormous opportunity for expansion, so we\u2019ll be looking for more capital this year,\u201d Waiser said. \u201cVW has been really supportive and an amazing partner, so everything is open for both existing and new investors.\u201d He added that in the last quarter, Gett grew 100 percent both in terms of rides completed and revenues. \u201cI don\u2019t suggest that every quarter is like that, but it\u2019s important that we achieved that at scale. We are growing organically too.\u201d<\/p>\n \u2014 Juno made a splash last year when it announced at launch that it would be building its service as \u00a0one especially friendly to drivers, specifically in response and in contrast to Uber, which was already picking up a bad reputation for its practices. Among its perks, Juno would offer drivers\u00a0shares (RSUs) in Juno to ensure that whatever course the company took, they would share in those fortunes.<\/p>\n We can confirm that for now those restricted stock units\u00a0are being nulled as part of the acquisition, with those values being paid out in the form of initial account balances to each driver who had qualified for RSUs. But that is not the end of the story:\u00a0Gett, similar to Juno, will propose \u201clong term value sharing\u201d with its drivers, and from what we understand it will be along similar lines as what Juno did, although the details have not been worked out yet.<\/p>\n Other terms with the drivers will also remain as before. Both companies had offered a commission of 10 percent to drivers \u2014 which they claim is the best in the industry \u2014 along with 100 percent of all tips and round-the-clock live support.<\/p>\n All in all, this\u00a0is an interesting development, and for those who might have called game-over in transport-on-demand, the recent news around Uber\u2019s trials and tribulations definitely points to windows of opportunity for those who can present something different and compelling to the two sides of this marketplace: drivers and passengers. It could turn out that scale is just one measure of success.<\/p>\n Featured Image: Instants\/iStock<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/gettyimages-515359545.jpg?w=680\")
The competitive landscape for transportation apps\u00a0has become a little smaller today. Gett has announced\u00a0that it has acquired Juno, a rival in the New York market. Separately, Gett’s CEO and founder Dave Waiser has told\u00a0TechCrunch in an interview that the price of the deal was $200 million, although the companies are not disclosing other terms such as whether the deal was in cash,… Read More<\/a><\/p>\n\n<\/img><\/a>
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