Gett, an Israeli based international taxi services company, is ready for a $1 billion initial public offering IPO. Gett will do so after entering into an SPAC merger with Nasdaq-traded special purpose acquisition company Rosecliff Acquisition Corp I. The company will officially be known as Gett Inc. and trade under the ticker symbol “GETT.”
The deal will bring in up to $253 million in gross proceeds from Rosecliff’s trust account, with an additional $30 million in gross proceeds from a fully committed common equity PIPE from Rosecliff’s sponsors and existing Gett shareholders. The merger is expected to be completed sometime in the first half of 2022.
Gett joins a number of Israeli startups that have gone the SPAC route for its IPO. This week JBN reported on how Israeli autotech companies Traffilog and SafeRide which only just merged are working on their initial public offering IPO. They plan to go public through an SPAC merger, according to a report in Calcalist which set the value of the new company at $1 billion.
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Investopedia explains that a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. Also known as “blank check companies,” SPACs have been around for decades. In recent years, they’ve become more popular, attracting big-name underwriters and investors and raising a record amount of IPO money in 2019.
Gett declares that it brings the “fragmented” world of ride-hailing companies and corporate fleets together on one platform, “optimizing our clients’ corporate ground travel needs, from booking and riding to invoicing and analytics, saving corporates both time and money while increasing employee satisfaction.”
Gett is a Ground Transportation Management (GTM) platform and B2B marketplace. The company says that spending in this field is estimated to exceed $100 billion globally. The company serves Serving more than a quarter of the Fortune 500 companies. Its platform organizes corporate fleet, ride-hailing, taxi, and limo providers in one place.
In January of this year, Gett completed a $115 million raise, adding $15 million to the $100 million that the company brought in back in June of 2020. At the time Gett said that it would use the proceeds to further accelerate the development of its SaaS platform and the company’s global expansion.
Dave Waiser, Gett Chief Executive Officer, said at the time, “We are on a journey to transform corporate ground travel and I’m delighted that investors find our model attractive. This investment will allow us to further develop our SaaS technology and deepen our proposition within the corporate ground travel market (both travel-related and local ones).”