Shared mobility company GoTo Global (formerly Car2Go) will merge with stock market shell Neratech Media (TASE: NRTK). In a deal announced today by both companies, the newly-formed company, to be called GoTo, will have a market cap value of $163 million, with GoTo shareholders receiving 74% of the merged company’s stock, and the remaining 26% going to Neratech shareholders.
GoTo, which operates in Israel, Germany, Spain and Malta, offers subscribers a range of vehicles, including cars, bikes, electric scooters and mopeds, through an app. To date, GoTo’s 5,800 vehicles have been accessed by over 450,000 subscribers, with nearly 3 million rides reported in 2021.
The company expects $35 million revenue in 2022, up 58% from $22 million in 2021.
GoTo plans to expanding to new cities, increasing B2B activities, and selling additional products and services.
GoTo’s investors include the DBSI Group, led by Yossi Ben Shalom; Adam Neumann’s family office Nazare Capital Management; the Ungar Family, one of Israel’s leading automotive importers; DQuadrat Equity Partner; IBB Ventures; and Bonventure.
GoTo Global CEO Gil Laser said, "Transforming GoTo Global into a public company is a significant milestone in achieving our unique vision for shared mobility. People across the world are embracing shared mobility at a faster pace than ever before and city dwellers are becoming ever more multimodal. GoTo is perfectly positioned to help users embrace a true multimodal mobility experience in a simple and seamless way, all via one app. We believe in our product, our team and our dynamic way of doing things and look to continue creating added value for customers and shareholders alike."
Neratech was represented by Advs. Ilan Gerzi, Aliza Gabizon and Gal Pertziger from the Pearl Cohen law firm
Published by Globes, Israel business news - en.globes.co.il - on February 9, 2022.
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