GoTo to Debut on Tel Aviv Stock Exchange Following Announced Merger
Berlin, 9 February, 2022 - GoTo Global, an international multimodal shared mobility company, will merge with Neratech Media (TASE: NRTK). In a deal announced today by both companies, 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.
In recent years, a growing number of cities in Europe have adopted measures restricting private vehicles from entering city centers, and actively promoted the environmental and social benefits of reduced traffic congestion. Research indicates that the shared mobility market is expected to grow rapidly – more than doubling in the next few years – to an estimated $675B by 2025, with Europe accounting for 20% of the global market in shared mobility.
GoTo is well positioned for this evolution as plans to expanding into new cities, increasing B2B activities, and selling additional products and services.
According to the MOU signed between the two companies, Neratech will acquire GoTo’s entire share capital (100%), at a cap value of $120 million against the allocation of ordinary shares, comprising 74% of Neratech’s equity. The share distribution ratio at the time of the merger could vary should there be a funding round, or change in cash and/or debt in each company. Neratech holds $12 million in cash assets, according to the most current company reports. GoTo will have $18 million in cash assets at closing, providing the merged company with total cash assets of $30 million
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. In addition, Trinity’s player provides a solution for WordPress websites, allowing the company to work with a large number of websites around the world.
About IBB Ventures
IBB Ventures (www.ibbventures.de) has been providing venture capital to innovative Berlin-based companies since 1997 and has established itself as the market leader in early stage financing. The funds are primarily used for development and market launch of innovative products or services as well as for business concepts from creative industries. Two funds with a total volume of EUR 122 million are currently in the investment phase. Both VC funds are financed by the Investitionsbank Berlin (IBB) and the European Regional Development Fund (ERDF), managed by the State of Berlin. IBB Ventures has already invested in more than 260 creative and technology companies in Berlin; in syndicates with partners, the start-ups received approx. EUR 1.7 billion, of which IBB Ventures has invested EUR 250 million as lead, co-lead or co-investor.
Contact IBB Ventures:
Stephan Schulze
IBB Ventures
Bundesallee 210
10719 Berlin
Phone: +49 (0)30 2125 3201
E-Mail: info@ibbventures.de