Deals
Gett Acquires Juno for $200 Million to Challenge Uber
Juno, which marketed itself as a friendlier alternative to Uber, will cancel a stock plan offered to drivers.
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Two small ride-hailing companies are combining in an effort to slow the march of Uber Technologies Inc. around the globe. Tel Aviv-based Gett Inc. said it’s paying $200 million to acquire Juno, a New York startup that endeared itself to drivers by offering company stock and better pay than Uber.
The Gett app is available in about 100 cities and is among the most popular ride-hailing services in Europe. But Uber has been gaining ground quickly there and is dominant in Juno’s sole market, New York City. Gett said the team behind Juno will oversee the combined U.S. group, which includes Gett’s operations in New York. The deal was reported earlier Wednesday by TechCrunch.