Helbiz Signs Letter of Intent to Acquire Wheels
The two micro-mobility companies will look to combine their businesses, streamline processes, and drive the combined business to profitability. Transaction to be completed in a primarily all-stock deal.
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“The shared vision and purpose of
“The shared vision and purpose of
“From a strategic perspective, this acquisition is expected to double revenue, expand the cities served, enhance margins, and reduce costs,” he said. “Our focus is to adapt and grow with profitability at the core of every decision. This acquisition makes us even more confident in our ability to achieve that goal in the next 18 months. Our customers are utilizing cutting edge technology to make their lives easier and they are educating their communities through adoption. In the same vein, our goal is to demonstrate to the capital markets that the micro-mobility model is sustainable through data driven, highly focused, and tightly controlled expenditures.”
The Wheels model, from its vehicle type to the business model, presents a new way of thinking about micro-mobility. Wheels has eight thousand vehicles deployed across major
“Our businesses are complementary in really powerful ways,” said
The Wheels vehicle is unique in the industry as a sit down, two-wheeled device with patented technology for its integrated helmet. It pioneered swappable battery technology which keeps vehicles on the streets longer and can drive strong margins. This form factor is more accessible to those who may not prefer or cannot ride stand up scooters, which expands the market for micro-mobility transportation. Wheels vehicles have been well-received by municipalities, universities, and enterprise partners looking for alternatives to the traditional micro-mobility offerings of scooters or bikes.
Wheels was founded in 2018 and is led by veterans of the micro-mobility and shared transportation industries including Zipcar, Bird and Uber.
“The next phase of the micro-mobility industry will be about the right teams, products and partner ecosystems all coming together coupled with tight operational excellence to enable profitable growth,” said Wheels board chair and Chief Commercial Officer of Nutanix,
“Wheels joining the
Wheels is a last-mile, shared electric mobility platform whose seated form factor changes the landscape in dockless mobility. In addition to being seated, Wheels devices have a low center of gravity and 14-inch wheels to help navigate uneven pavement surfaces. Wheels has launched a first-of-its-kind integrated helmet system that can give riders physical access to a shareable helmet with every ride they take. Because of its unique design, Wheels devices have a broad appeal, with half of its riders being women and one-third being over 35. Wheels is headquartered in
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