SWVLthe shared mobility and public transport company, announced its intention to acquire the intelligent bus platform Zeelo.
The terms were not disclosed although the The Financial Times reports it at $100 million deal.
Upon completion of the transaction, which is expected in May, the UK-based company Zeelo will be Swvl’s fifth acquisition in the past year following its acquisitions of Viapool and Shotl, Volt Lines and door2door.
A statement said the acquisition enables Dubai-based Swvl to establish or expand an existing presence in the UK, South Africa and the US.
Zeelo has a team of 160 people around the world, including 29 software engineers in an R&D center in Barcelona.
Mostafa Kandil, Founder and CEO of Swvl, says, “Swvl and Zeelo share a vision and mission to provide reliable transportation that gets passengers where they need to go in an affordable, safe and environmentally friendly way.
“With an impressive suite of turnkey TaaS and SaaS solutions and an established presence in the UK, South Africa and the US, Zeelo is rapidly strengthening our market leading position as a transport solutions provider. in common based on technology on a global scale.”
Sam Ryan, Founder and CEO of Zeelo, adds, “Swvl is revolutionizing the transit industry and we are thrilled to partner with them on this next phase of Zeelo’s journey to firmly establish smart bus transportation as the best mobility. shared in its category. solution that takes into account all income levels and the needs of ordinary everyday travellers.
“Bus transportation done right with technology can take us beyond our reliance on cars and taxis that are unsuitable for travel from non-urban areas. We look forward to bringing Swvl insights on Zeelo’s strategic pivot during the global pandemic and we have been impressed by Swvl’s rapid growth in difficult challenges.
Swvl recently listed on the Nasdaq through a special purpose acquisition company following its combination with Queen’s Gambit Growth Capital.