Corporate ground transportation management platform Gett is
set to trade on the Nasdaq after signing a business combination agreement with
special purpose acquisition company (SPAC) Rosecliff Acquisition Corp.
Upon closing the deal – expected to happen in the first half
of 2022 – the combined company will operate as Gett and will use the symbol
GETT for trading. The transaction reflects an implied valuation of $1 billion
for the company and will provide it with up to $253 million in gross proceeds
from Rosecliff’s trust account, with an additional $30 million in proceeds from
a private investment in public equity (PIPE) commitment from Rosecliff’s
sponsors and existing Gett shareholders.
Gett had reportedly been considering an IPO for the last two
years but has chosen to go down the SPAC route.
Gett started life in Tel Aviv in 2010 as ride-hailing firm
GetTaxi. The firm later rebranded itself as a corporate ground transportation
management platform. Currently headquartered in London, Gett employees more
than 800 people globally. It says its efforts are focused on solving challenges
in its field, where spending is estimated to exceed $100 billion globally. Its
cloud-based software offers rides from more than 1,700 transportation providers
such as Lyft, Ola and Cabify, including corporate fleets, ride-hailing
services, taxis and limousines. Clients can centrally manage their ground
transportation spend while travellers are provided with an optimised booking
experience.
Gett claims to serve more than a quarter of current Fortune
500 companies.
The agreement is a huge step forward in Gett’s global
expansion plans, with Rosecliff able to “create rapid inroads to new customer
opportunities” in the US, according to Rosecliff founder and CEO Michael
Murphy.
Gett founder and CEO Dave Waiser said the company’s business
model has helped it succeed as business travel returns following the pandemic. “With
an increasing shortage of drivers due to a Covid-induced market shock, it has
become more difficult in some markets to predictably and repeatedly find a car
with any single provider, especially on demand,” Waiser said in a statement. “Corporations
and their employees are looking for a more modern and highly reliable service
to manage the broadest array of vendors to optimise their ground transportation
for faster pickups and better price.”