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Travel technology company Swvl is set to acquire Urbvan, a state-of-the-art mobile transport platform for customers in Mexico.
“Combining mobility designs with a shared vehicle collection platform will provide Swive Urbava a great opportunity to accelerate Swvl’s mission to provide safer, faster, smarter and more affordable mass transit for everyone,” the company said in a news release. Release Monday (July 11).
The terms of the agreement – which is set to conclude in the third quarter of the year – have not been disclosed. Swivel said the acquisition would provide a solid foundation for further growth in Latin America, which includes more than 135 cities in 20-plus countries.
A.D. Founded in 2016, the city operates in 18 Mexican cities and provides solutions for city routes, city streets, private organizations and private needs.
Read More Flight Travel Tech Company Swvl plans to cut 32% of employees
“Urbavan is based on the same principles as Swvl to solve the inefficiencies of traditional public transportation in many parts of the world,” said Swede founder and CEO Mustafa Kandil in a statement.
The company’s footprint in Mexico, transportation as a service (TA) and its relationship with the local government strengthen Swvl’s mission to provide safe and secure transportation solutions. Challenging markets with vast geography.
See also Travel Travel Tech Swvl plans to cut 32% of its workforce.
The acquisition comes just weeks after Swvl announced it was laying off 32 percent of its workforce – a move that has affected 427 employees – helping to make it more profitable.
“Such offers will focus on automated roles in investments in the company’s engineering and production and support activities,” the company said on May 31. “Swvl plans to provide financial, non-financial and job placement support. Transfer some of their employees to new roles.
It is also the latest in a series of acquisitions for Swvl this year, following the acquisition of Smart Bus Platform Zeelo and B2B and TaaS Mobile Platform Vault Line, both in April.
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