By Exec Edge Editorial Staff
Getaround Inc. (NYSE: GETR) said it plans to buy all of the assets of HyreCar Inc., which offers car rentals for gig-economy drivers, for $9.45 million.
The acquisition is expected to accelerate Getaround’s “path to profitability,” the car-sharing company said. The deal is expected to close on Tuesday.
“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.
Getaround in February announced a restructuring plan, promising to streamline operations and reduce costs “to achieve a leaner path to profitability.”