Gett seeks buyer - report

Gett CEO Shahar Waiser Photo: PR
Gett CEO Shahar Waiser Photo: PR

The Israeli taxi hailing app company is looking for a buyer in a bid to compete with larger rivals, "Bloomberg" reports.

Israeli tax hailing app company Gett is seeking a buyer, "Bloomberg" reports. The company, which has been valued in the past at more than $2 billion, is looking for buyers in a bid to compete with larger rivals, people familiar with the matter told "Bloomberg."

Gett has approached potential bidders including other car-hire firms, the sources told "Bloomberg," asking not to be identified because the discussions were private. Gett may sell its entire business or offload regional operations outside of its home market, two of the people told "Bloomberg," while another said that the Israeli company may also weigh a listing, partnership or sale of a minority stake to raise capital.

A Gett spokesperson told "Bloomberg,' “As Gett is on a clear path towards profitability globally, including the US, in the first half of 2019 it should not be surprising that Gett may receive inbound inquiries from strategic partners."

In 2016, Volkswagen invested over $300 million in Gett, seeing the Israeli company as a potential rival to Uber Technologies Inc. and Lyft Inc. In 2018 so far, Gett has raised $80 million from investors including Swedish fund manager Vostok. In its third quarter report, Vostok noted that Gett's value had been cut by 14% to $1.4 billion, due to fierce competition in the tax-hailing sector. Volkswagen is also investing in German taxi hailing app Moia.

Gett is also reportedly considering leaving the US market, even though in the past it made a major investment by acquiring US company Juno for $200 million. Gett remains strong in the UK, Russia and Israel and overall operates in 120 cities. Gett was founded in 2010 by CEO Dave Waiser and Roi Mor and has raised $700 million to date.

Published by Globes, Israel business news - en.globes.co.il - on November 18, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Gett CEO Shahar Waiser Photo: PR
Gett CEO Shahar Waiser Photo: PR
Zutacore cofounder and CEO Erez Freibach credit: Gal Bref, Moshe Filberg and Zutacore PR SoftBank teams with Israeli chip liquid cooling startup ZutaCore

The Sderot-based company has developed an innovative cooling technology that dramatically cuts energy costs for data centers.

Hearst Tower New York credit: Shutterstock Hearst Ventures shuts down Israel office

The closure is part of a global move to shut down offices outside the US, but the fund will continue investment in Israeli companies.

US President Donald Trump credit: Shutterstock US reciprocal procurement demands put Israel in a bind

Reciprocal procurement on major tenders injects billions of dollars into Israel every year and supports hundreds of local companies but Israel may need to relax them in exchange for US tariff cuts.

Israeli stocks on Wall Street credit Nasdaq, Raanan Tal, Itay Tagar, Space Cut design: Tali Bogdanovsky Despite turmoil, analysts bullish on Israel Wall Street stocks

After recent strong declines, analysts are tipping Israeli tech stocks, with relative immunity to recession and limited exposure to tariffs.

Intel's 2025 vision credit: Intel Will Intel's sell-off include Israeli assets?

After the sale of Altera, "Globes" considers whether the troubled chipmaker will sell Mobileye or its Kiryat Gat fab.

CloudShare management team credit: PR Bow River Capital buys Israeli co CloudShare

The Denver-based alternative asset manager is paying an estimated $60-80 million for the SaaS provider of AI guided solutions for complex technical training requirements.

Housing prices continue to rise   credit: Tali Bogdanovsky Israel's housing price rise riddle

Despite a huge inventory of unsold new homes in central Israel and weak sales, apartment prices are still rising. "Globes" analyzes the data.

Inflation  credit: Tali Bogdanovsky March CPI higher than expected, housing prices rise

The March reading brings annual inflation in Israel down to 3.3% from 3.4% at the end of February.

Ben Gurion airport credit: Tali Bogdanovsky Abundance of affordable last minute Passover flight deals

The return of foreign airlines to Israel has brought down fares dramatically even for last minute vacations.

Karish rig  credit: Eyal Izhar Kesem Energy signs gas deals worth $2.8b

The power plant, scheduled to begin operating in 2029, will buy gas worth $2 billion from Energean and a further $700-800 million from the Tamar partners.

Kosher for Passover Coca Cola bottles credit: social media Why are yellow cap Coca Cola bottles different from all others?

Nostalgic Coca Cola aficionados claim that the kosher for Passover version, made from sugar cane instead of high fructose corn syrup, is the genuine taste of the soft drink.

Avigdor Willenz credit: Intel Exclusive: Avigdor Willenz's Element Labs raises $50m

The Israeli startup is developing AI processors for inference, the stage in which AI models are activated after they have already been trained.

Ilya Sutskever credit: Cadya Levy SSI hiring dozens in Israel

AI company Safe Superintelligence is hiring many dozens of people in Tel Aviv, "Globes" has learned.

Johny Srouji credit: Amos Ben Gershom GPO Apple SVP leads senior delegation of execs to Israel

Jony Srouji: I am always filled with renewed energy and optimism about our shared achievements when I visit our R&D centers here.

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Tel Aviv, Ramat Gan, Petah Tikva, Givat Shmuel, Tiberias and Dimona.

Infinity Tower Tel Aviv credit: Courtesy Hagag Group French investors buy 2 Tel Aviv apartments for NIS 27.5m

The two apartments are in Hagag Group's Infinity Tower in the Summeil district.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018