New York-based micro-mobility company, Helbiz, Inc. recently finalized the merge process with Wheels Labs, Inc., according to a press release.
“I appreciate everyone’s dedication to the deal,” Helbiz Founder and CEO Salvatore Palella said. “Wheels’ assets and industry expertise are invaluable to us. We believe that the acquisition can accelerate our efforts to advance our product development, enhance customer experience and push our top line and operating efficiency to the next level.”
The deal is expected to expand Helbiz’s international presence to 67 additional markets worldwide and solidify a diversified business model and leverage the company’s overall financial status.
The company’s North American mobility business is set to be led by Wheels CEO Marco McCottry. D.A. Davidson contributed to the transaction as Helbiz’s financial and capital markets advisor, while Ortoli | Rosenstadt LLP served as legal counsel to Helbiz, and Fenwick & West LLP served as legal counsel to Wheels.
In addition to the expansion, Helbiz will also introduce a fully integrated app.
“This will further solidify our near-term goal of achieving profitability and our long-term goal of disrupting the micro-mobility industry and bringing a sustainable, modern transportation alternative for everyone,” Palella said.