HyreCar Inc. (HYREQ.US), the carsharing marketplace for ridesharing and food and package delivery services, announced that it will sell substantially all of its assets to the world's first connected carsharing marketplace, Getaround (NYSE:GETR). The transaction is expected to close on or about May 15, 2023.
The acquisition brings HyreCar and Getaround one step closer to achieving both companies' shared vision of providing a seamless and efficient carsharing experience that will revolutionize the way people use transportation to live and work. Together, the companies are empowering individuals to embrace the gig economy, unlocking new earnings potential opportunities, and contributing to the creation of a greener society.
"Following significant interest from potential bidders for HyreCar's assets, I'm excited that the next chapter of HyreCar will be as a part of the Getaround family," said Eduardo Iniguez, CEO and CFO of HyreCar. "HyreCar's thousands of drivers will now be able to access greater vehicle selection to participate in the gig economy by unlocking meal and delivery opportunities using the Getaround platform."
At the close of the acquisition, HyreCar's gig carsharing service will continue with no interruptions. With the full advantage of Getaround's expanded reach, digital marketplace and connected car technology and unique partnerships, HyreCar's current customers can look forward to new and exciting opportunities over time.
"We are particularly excited to introduce HyreCar's customers to Getaround Connect, the leading contactless sharing platform for the carsharing industry," said AJ Lee, HyreCar's COO. "From instant, easy booking of trips to built-in GPS tracking and anti-theft functionality, the platform will provide drivers and owners alike with greater convenience and security than ever before."
"This transaction unites two pioneering companies in the carsharing space. More than just sound economics for Getaround on our path to profitability, acquiring substantially all of the HyreCar assets will strengthen the business," said Sam Zaid, CEO and Founder of Getaround. "HyreCar's community of drivers will now benefit with greater earnings potential on the Getaround marketplace and the opportunity to take advantage of exciting improvements leveraging GETR technology and partnerships. For Getaround, our business is now fortified with the addition of the HyreCar gig carsharing service to our leading-edge carsharing platform."
HyreCar has been represented by Greenberg Glusker LLP in Los Angeles, and Cole Schotz as Delaware counsel. Getaround has been represented by DBS Law in Seattle, and Barnes & Thornburg as Delaware counsel.