Citylink, Romania’s fastest-growing shared mobility platform, announced at the end of last week the acquisition of itaxi, Moldova’s first and largest online taxi booking service, via an all-equity deal.
“The tremendous potential of the smart mobility services is not only demonstrated by the ever-growing appetite for the sharing economy in Romania, but also confirmed by the strong growth opportunities within the region. It is thus natural for Citylink not only to grow its services footprint in Romania, via car and bike-sharing, but also to expand beyond the borders and to acquire another technology leader – itaxi, the first mobility platform of its kind in Moldova, also active in Ukraine, with a demonstrated track record of innovation and reliability since 2012,” said Igor Grosu, CEO, Citylink.
The all-equity deal is the first step on Citylink’s regional expansion roadmap and represents a firm foothold in Moldova’s major cities, as well as in Ukraine’s Odessa.
An equity deal refers to the sale of the common shares of a company, instead of only the assets. When an equity sale occurs, the acquired company remains the same, with only the ownership structure changing hands between the seller and the buyer.
Citylink, Bucharest’s largest car sharing service, has recently announced the addition of a bike-sharing service available in Romania’s Capital, as a response to the widely positive impact achieved by the services launch at the beginning of 2020. The company is also eyeing local geographical expansion, beyond Bucharest.
itaxi is the first and largest app in Moldova that allows online taxi bookings. The service connects, on a daily basis, thousands of passengers to the partner companies’ drivers, providing fast, safe and reliable rides. In addition, earlier this year, the company has launched a modern online delivery service. The platform was created in 2012, as a response to the need for more modern means of taxi transportation in Chisinau.
Citylink is a smart shared mobility platform developed by a team of local entrepreneurs, with a proven experience in developing a suite of Smart City apps that jointly serve millions of users across Romania.