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 […]