Ride-hailing firm Gett enters into a business combination agreement with Rosecliff Acquisition, valued at $1.1bn.
The SPAC transaction, which reflects a Gett pro forma enterprise value, provides the company with up to $253m of capital from Rosecliff’s trust account.
Upon closing the SPAC transaction, the combined company will trade on the NASDAQ.
In addition, Rosecliff’s sponsors and several of Gett’s existing shareholders will collectively purchase $30m worth of new Gett shares in a “private investment in public equity” transaction.
London-based Gett is a provider of corporate ground transportation management services, and has a global market worth over $100bn annually. It also serves over a quarter of Fortune 500 companies.
Gett’s existing shareholders are subject to a 12 month lockup period, and the merger marks a new step in Gett’s attempt to refocus its operations after closing its New York ride-sharing business Juno in 2019.
In 2019, the company was valued at about $1.5bn and had raised several hundred million dollars in funding. Gett still operates ride-hailing services in markets such as Israel and London, but roughly 40 per cent of its trips for corporate clients.
A spokesperson for Gett told City A.M.: “We’re excited about the next phase as a public company, as we feel we are not only ready but it will help propel our first-mover advantage in the $100B corporate GTM market. Going public allows us to continue growing our platform that has incredible product-market fit, similar to what Coupa has done in general spend management, and expanding our moat in this specialized but still massive niche of ground transportation spend management.”
“We’re looking to expand our platform in numerous geographies, including the US and UK, as well as deepen our current relationships with Fortune 500 clients while growing our overall market penetration.”