Israeli ride-hailing mobility startup Gett announced on Monday that it would close its NY ride-share business Juno and begin a strategic collaboration with Lyft for corporate clients across the United States.
Gett said that it now serves thousands of corporate clients - working with some 15,000 companies, "including a third of the Fortune 500".
"Gett's anticipated profitability is driven by our corporate SaaS solution, and we expect to be operationally profitable at a Group level in December of this year".
Gett cited "misguided" city regulations as the main reason for the closure, along with a commitment to the corporate market. The company has a substantial business serving enterprise customers globally - with some 15,000 companies overall, many with people in the US - so alongside this news, it's also entered into a strategic partnership with Lyft to take on those accounts starting next year.
Oh good. Gett is transferring its corporate clients to Lyft beginning next year through a strategic partnership (Gett says it serves over 15,000 companies, down from the 20k it told TechCrunch about earlier this year).
The Lyft partnership, Gett said, will mean that when its corporate customers come to the United States, they can continue to use their Gett apps to order Lyft cars.
"Our strategic partnership with Lyft is a win-win", according to Gett's statement. With this announcement, we reinforce our position as the leading corporate transportation service. Juno drivers will be paid in full for all rides completed by the evening of November 18, the company said.
Gett, formerly Get Taxi, was founded in 2010 by Dave (Shahar) Waiser and Roi More and expanded to Europe and North America.
At the same time, Gett took a different approach to its competitors by focusing only on specific markets, to cut down operating expenses and focus on profit. Its cloud-based solution offers a unique ability to aggregate all ground travel needs by connecting a range of vendors on one single booking platform. Since then, over 15,000 other corporations joined the Gett service.
Gett raised more than $800M in venture funding, including $300M+ from Volkswagen. Gett is valued at over $1 billion.