Corporate ground transportation management technology platform Gett and Rosecliff Acquisition announced today that, as a result of recent market volatility and current conditions they have mutually agreed to terminate their merger agreement.
Gett in the news release also said it will withdraw from the Russian transportation and delivery market permanently, with exit details to be announced in due course. Russia represented a minority share of the business (less than 14% in Direct Gross Profit in Q4), according to the news release.
“After careful consideration and review, we felt that exiting the Russian market was the correct thing to do,” said Gett founder and CEO Dave Waiser. He added that the company expects to acvhieve profitability in the thrid quarter, a year ahead of schedule.
The transaction with Rosecliff was expected to provide up to $283 million in gross proceeds. Read more.
