July 20, 2017

Gett in advanced talks to buy Juno for $250M as Uber rivals consolidate

Shahar Waiser, Founder and CEO of Gett
Image: Courtesy of Gett

As Uber continues to work through its many layers of turmoil as a business, its smaller rivals are seizing the moment and consolidating to double down on their own ambitions in transportation-on-demand. Multiple sources tell TechCrunch that Gett — the taxi-hailing service backed by $300 million from Volkswagen — is acquiring Juno — one of the latest upstarts on the streets — at a valuation of around $250 million, our sources say.

Neither company responded to multiple requests for comment, but one of our sources says that the deal is at an advanced stage at this point.

This means that there is still a chance it could be delayed or fall apart, although this is not the intention from either side at this point.

There are a few likely reasons behind this M&A move.

Putting together the two companies, from what we understand, would not be to go head-to-head with Uber — which is currently in 579 cities and valued at over $60 billion (although some dispute that number). Rather, it would be to put the combined company into a more solid number-two position above other rivals like Lyft.

Specifically, it would give the two a strong foothold in New York, where both Gett […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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