Gett, the global on demand taxi app, is launching a bid to acquire Radio Taxis in a deal that will bring the total amount of Gett black cabs in London to 11,500 or half of all the licensed taxis in the city.
The acquisition, which is subject to shareholder approval, will make Gett the country’s biggest black cab app, with more drivers in London and its 24 other UK cities than any other company.
In London the combination of Radio Taxis and Gett will give passengers access to more than 11,500 famous black cabs and their highly trained drivers, as well as Gett’s unique fixed fares which offer a discount on the meter price, confirmed before the journey begins.
The cash deal will see Gett - which currently has operations in the US, Russia and Israel as well as the UK - acquire all three brands within Radio Taxis’ parent company, Mountview House Group.
The Mountview House Group also operates Xeta, another black cab brand, as well as One Transport, the global transport solutions platform which provides corporate clients with access to vehicles in almost every country around the world.
Remo Gerber, Managing Director of Gett in Western Europe said:
“Radio Taxis has a long, proud history and we are delighted to bring such a great business into the Gett family. Alongside our cutting edge technology it is going to help to make Gett an even more powerful, global force for both our corporate customers and members of the public.
“This deal will help even more more customers get access to our fantastic fixed fares which are always better than the meter - with discounts of up to 30% on the fare they would otherwise pay.”
Geoffrey Riesel, Chairman & CEO of Mountview House Group said:
“Our board unanimously supports the deal to become part of Gett. The future of the business as well as that of our drivers and clients is well served by becoming part of this exciting high tech brand, not least because of Gett’s world class mobile app.”
Gett’s revenues grew by 300% in 2015 and are projected to reach $500 million (£350 million) globally in 2016. Its clients already include half of the Fortune 500 companies around the world and to date it has raised more than $200 million (£140 million) in funding.
Gett offers fast and professional taxi cabs with the fixed fares option being up to 30% better than the meter for longer journeys. Fixed fares will be rolled out to more UK cities in 2016.