June 22, 2017

Taxi app Gett confirms it is buying rival Juno for $200 million



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

Gett confirmed on Wednesday that it has acquired rival taxi company Juno.

The deal is worth $200 million (£156 million), according to TechCrunch .

Juno is an Israel-based transportation app but its service is only available in New York City. Acquiring Juno should help Gett, which is backed backed by $300 million (£233 million) from Volkswagen , to compete with larger companies like Uber and Lyft, specifically in New York City.

A source with links to the company that wishes to remain anonymous told Business Insider on Wednesday that Gett will initially pay $100 million (£77.9 million) for Juno and that it will involve mostly stock. A subsequent $100 million will be paid if certain targets are met, the source said.

“It’s $100 million immediately and further funding up to another $100 million if they [Juno] achieve  […]

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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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