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In a landmark deal for Israel's technology sector, a consortium of major Israeli financial investors has finalized the acquisition of the mobility platform Gett for $188 million. This move marks a strategic shift, bringing one of Israel's most prominent tech firms under domestic ownership. The new group of investors takes over from the previous shareholders, which included VNV Global, Access Industries, and MCI Capital.
The consortium is comprised of some of Israel’s most seasoned institutional investors, including Klirmark Capital, Leumi Partners, Meitav Provident Funds and Pension, Mizrahi Tefahot Invest, Phoenix Financial Ltd., and a leading family office. These firms have a strong track record of nurturing and expanding Israeli companies, particularly in sectors that require long-term capital and strategic development.
Gett, which originated as a taxi-hailing app, has evolved into a global corporate ground transportation management platform. The new owners have committed to retaining the company's global workforce and continuing its growth strategy. The primary focus will be to solidify Gett's position as a key mobility platform in Israel while expanding its international presence.
Both the new and former leadership have expressed enthusiasm for the deal. A representative for the new owners stated their confidence in Gett’s "innovative technology, growth potential and talented employees." Similarly, Per Brilioth, CEO of VNV Global, expressed pride in supporting Gett's transformation, and Gett CEO Matteo de Renzi is "delighted to begin this exciting new chapter." No significant operational or strategic changes have been announced beyond a continued commitment to Gett’s current trajectory.
Potential Impact on UK Drivers and Passengers-The acquisition of Gett by an Israeli consortium is likely to have a direct impact on the day-to-day operations for UK cab drivers and passengers. However, it could lead to indirect effects stemming from the political sensitivities surrounding Israeli-Palestinian issues, particularly for pro-Palestine groups.
Pro-Palestine Groups-The acquisition could spark calls for a boycott of Gett in the UK. The Boycott, Divestment, Sanctions (BDS) movement and other pro-Palestine activist groups often target companies with strong Israeli ties to protest against Israeli government policies. While Gett's new owners are financial investors rather than a military or government entity, their Israeli identity could be enough to make Gett a target for public campaigns. This could include social media campaigns, public protests, or calls for corporate clients to cease using Gett's services. The effectiveness of such campaigns will depend on the public's awareness of the ownership change and their willingness to change their transport habits.
Cab Drivers-For cab drivers who use the Gett platform, the impact is primarily on their economic livelihood. If a boycott campaign gains traction, it could lead to a decrease in ride demand, affecting their income. Drivers who are sympathetic to the pro-Palestine cause may feel pressured to de-list from the Gett platform and switch to a competitor. This could create a moral or political dilemma for drivers, forcing them to choose between their political beliefs and their financial stability.
Passengers-The impact on passengers in the UK would be relatively less. For most, the service will continue as normal. However, for passengers who support pro-Palestine causes, the ownership change could influence their choice of a ride-hailing app. They may switch to competitors like Uber, Freenow, or Bolt to avoid using a service now owned by Israeli investors. This change in consumer behavior, if widespread, could contribute to a drop in Gett's market share in the UK.
