Getaround, the world's first connected carsharing marketplace, announced the company is acquiring substantially all of the assets of HyreCar, a premier gig carsharing marketplace, for an aggregate purchase price of $9.45 million. The acquisition is expected to add up to $75 million of run-rate annualized Gross Booking Value and to contribute positive Adjusted EBITDA, accelerating Getaround’s path to profitability. Adjusted EBITDA is a non-GAAP financial measure, as further described under “About Non-GAAP Financial Measures'' below.
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The transaction is anticipated to bolster Getaround’s leadership position in gig carsharing, while leveraging its technology and platform to enable further scale. Upon the closing of the transaction, expected on May 16, 2023, Getaround believes the acquired assets will include the most synergistic and accretive portions of HyreCar's business, including access to thousands of cars and tens of thousands of gig drivers in a quickly-growing segment of carsharing. Getaround plans to finance the acquisition with cash on hand, and expects to explore additional financing options.
“HyreCar created the gig economy carsharing category with an asset-light model, extensive user data and strong risk management solutions. The assets not only offer solid fundamentals that contribute to both the top and bottom lines, but fits well symbiotically with Getaround, our technology, key partnerships, and future growth plans. Getaround’s DNA in connected, digital (keyless) carsharing and its global reach enables HyreCar hosts to grow their businesses and unlock more earnings potential,” said Sam Zaid, CEO and Founder of Getaround. “As this is an asset purchase, it is a clean and simple transaction, adding a fantastic community of customers whom we are very pleased to welcome to the Getaround marketplace. At this acquisition price point, we believe this deal will deliver strong long-term value for Getaround stakeholders.”
"We are thrilled to announce this acquisition by Getaround, an industry leader in digital carsharing. Through its proprietary Getaround Connect® platform, we will now be able to offer guests and hosts a more secure and convenient way to find, book and manage rentals than ever before," said Eduardo Iniguez, CEO of HyreCar. "Getaround continues to be a pioneer in the carsharing space and we look forward to creating an even more robust and diverse carsharing platform that empowers people everywhere to participate in the gig economy, creating opportunity and greener cities.”