Getaround aims to scale car-sharing platform with HyreCar acquisition

Variety
12-05-2023 | 08:57
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Getaround aims to scale car-sharing platform with HyreCar acquisition
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Getaround aims to scale car-sharing platform with HyreCar acquisition

Peer-to-peer car sharing company Getaround said Thursday it will acquire the assets of HyreCar, another car sharing marketplace, for $9.45 million. Getaround expects to realize up to $75 million of run rate annualized gross booking value from the deal, which the company says will contribute to positive adjusted EBITDA profitability.

“At this acquisition price point, we believe this deal will deliver strong long-term value for Getaround stakeholders,” said Sam Zaid, CEO and founder of Getaround, in a statement.

Getaround’s stock soared 135 percent in after hours trading on the news, reaching a high of $0.80. That spike was still not enough to bring Getaround back into compliance with the New York Stock Exchange, which issued a delisting warning in January because the company’s stock price was trading below the $1 mark over a 30 trading-day period.
 

Getaround

Aims

Scale Car

Sharing

Platform

HyreCar

Acquisition

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