The deal was taken up to enable Gett to become a publicly-listed company in the US
Gett and Rosecliff agreed to cancel their merger deal. (Credit: aymane jdidi from Pixabay)
Gett, a UK-based corporate ground transportation management (GTM) technology platform, has scrapped the previously announced $1bn merger deal with special purpose acquisition company (SPAC) Rosecliff Acquisition Corp I, citing the recent market volatility.
The deal, which was announced in November 2021, was taken up to enable Gett to become a publicly-listed company in the US.
Gett and Rosecliff had concluded a strategic business review following which they mutually agreed to cancel the business combination agreement.
Rosecliff founder and CEO Michael Murphy said: “We believe that based on the current situation and market uncertainty, it is in the best interests of Rosecliff and its shareholders to terminate pursuit of the business combination with Gett.”
As part of the review, the GTM technology platform will permanently withdraw from the Russian transportation and delivery market. The London-based firm plans to announce the details of its exit in due course.
Gett founder and CEO Dave Waiser said: “Without SPAC-related costs in 2022 and considering our strong operational performance; we anticipate an accelerated path to company profitability already in Q3’22, a full year earlier than originally planned. Continuously, we remain focused on disrupting the $100 billion ground transportation management category globally.”
Dave added: “Without SPAC-related costs in 2022 and considering our strong operational performance; we anticipate an accelerated path to company profitability already in Q3’22, a full year earlier than originally planned. Continuously, we remain focused on disrupting the $100 billion ground transportation management category globally.”
Gett is said to be focused on aggregating various vendors on a single platform and managing corporate spend on ground transportation.
Its platform is designed to help with pricing and pickups for corporate clients.
Gett is said to cater to more than a quarter of the present Fortune 500 companies.
Its cloud-based software is claimed to give the choice of over 1,700 transportation providers, which include corporate fleets, taxis, limousines, and ride-hailing services on a single platform.
The company’s technology is said to help save time and money for businesses by centrally managing their spending on their ground transportation. It is also built to optimise the complete employee experience starting from booking and riding to invoicing and analytics.