Taxi firm Gett exploring possible SPAC merger as route to stock market according to news sources

Image credit: Gett

Ride-hailing firm Gett are exploring merger options with a special purpose acquisition company (SPAC) as a route to the stock market, say news sources.

According to Sky News sources, Volkswagen backed Gett are said to be discussing options and plans to list on the stock market with investment bankers. Merger discussions with a SPAC are said to be at an early stage, whilst other options which includes a conventional IPO, remain open.

Gett is a specialised ground travel software platform for businesses and launched one of the first-ever on-demand B2B mobility services in 2010. According to the firm its technology makes business ground travel simpler, safer, and more efficient. Gett’s software platform powers, among other clients, a third of the Fortune 500 companies.

The latest rumours of a merger come after Gett completed a $115million funding round.

The additional $15million is an extension of the $100M round announced in June 2020 to accommodate interest from new investor Pelham Capital Investments Ltd. and Gett’s existing investors. Gett said in January 2021 that the proceeds will be used to further accelerate the development of the SaaS platform and the company’s global expansion.