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Gett wants to enter the market by linking up with SPAC

12 March 2021
2 min.
Gett wants to enter the market by linking up with SPAC

Entering the market

Transport company Gett, which wants to become one of the world's leading providers of "mobility solutions", is currently exploring a merger with a company with no particular purpose other than to help other companies with an IPO (with a SPAC company).

The company has not yet made a final decision on whether it will debut on the stock exchange via a merger deal with a SPAC company or via an initial public offering.

Going public will make it the latest in a line of urban transportation companies to go public following LYFT Inc (NASDAQ:LYFT) and Uber Technologies Inc (NYSE:UBER).

Gett, which has been operating in the mobility market since 2010, has positioned itself as a "software-as-a-service enterprise focused exclusively on ground transportation management". Initially conceived as a competitor to Uber and other consumer-oriented services, Gett has evolved into a highly specialised, corporate taxi service provider in hundreds of cities around the world. It claims customers typically save between 25% and 45% as it manages their corporate ground travel budgets profitably. The London-headquartered company's clients include Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), EY and General Motors (NYSE:GM).

To date, Gett has raised over $850 million in funding, including over $300 million from Volkswagen AG (DE:VOWG). Its most recent round of funding came most recently in January, when it received $115 million.

The urban mobility IPO boom does not end with Gett alone: for example, other ride-hailing services are exploring similar ways to go public, including Grab Holdings, which operates in Southeast Asia, and even Britain's Cazoo, an online used-car marketplace that plans to go public in New York.

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