TEL AVIV, Israel--(BUSINESS WIRE)--GoTo Global, an international multimodal shared mobility company, will merge with Neratech Media (TASE: NRTK). In a deal announced today, the newly-formed company, to be called GoTo, will have a market cap value of $163 million, with current GoTo shareholders receiving 74% of the merged company’s stock, and the remaining 26% going to Neratech shareholders.
GoTo, which currently operates in Israel, Germany, Spain and Malta, offers subscribers an array of vehicles – including cars, bikes, electric scooters and mopeds – via a single 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 anticipates that it will earn $35 million in revenue by year-end, an increase of 58% over 2021’s reported revenue of $22 million.
A growing number of cities in Europe have adopted measures restricting private vehicles from entering city centers and are actively promoted the environmental benefits of reduced traffic congestion. The shared mobility market is set to grow to an estimated $675B by 2025, with Europe accounting for 20% of this. GoTo is well positioned for this evolution and plans to expand into new cities, increase B2B activities, and sell additional products and services.
Among GoTo’s investors are 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.
“Transforming GoTo Global into a public company is a significant milestone in achieving our unique vision for shared mobility” said Gil Laser, CEO of GoTo Global. “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.”
About GoTo Global:
Founded in 2008 in Israel, GoTo Global is the world's leading provider of multimodal mobility services. The company offers users access to shared mobility solutions through its proprietary technology-driven application that enables them to reserve cars, mopeds, scooters, and bikes. The company currently operates in Israel, Germany, Malta and Spain, powering millions of trips via a fleet of thousands of diverse assets.
About Nara Tech Media:
Nara Tech Media is a public company listed on the Tel Aviv Stock Exchange, and holding company for Trinity Audio, an audio and voice service company. Trinity Audio’s product is integrated into many websites, enabling end users to hear textual content at the press of a button with immediate translation into various languages. Trinity Audio offers advertisers and content creators a new way to communicate, grow, and generate cash flow by converting text into audio content while leveraging Amazon Polly capabilities.