Facedrive Inc. (TSXV: FD), a Scarborough, ON, Canada-based peer-to-peer, eco-friendly and socially responsible ride-sharing network, entered into a Share Exchange Agreement to acquire HiRide Share Ltd, a socially responsible ride-sharing and car-pooling app.
The amount of the deal was not disclosed.
The acquisition will give Facedrive access to HiRide’s 20,000+ car-pooling network targeting the high-demand university and education markets with its AI engines, fully functional app and update releases in the pipeline.
The deal comes amid the expansion of both companies into new cities, globally, and will help Facedrive deliver end-to-end service to its users, with Facedrive acting as the first and last mile for longer-distance commuters using the HiRide car-pooling app. In consideration for the acquisition, shareholders of HiRide will receive $1m payable on closing in common shares of Facedrive and future conditional payments of up to $2.5m over the course of 2 years.
Led by CEO Sayan Navaratnam, Facedrive is a “people-and-planet first” ride-sharing platform, offering green transportation solutions in the space including EVs, hybrids and conventional vehicles.
Led by CEO Akshat Soni, HiRide provides a travel carpooling app that transporting students and professionals all across the globe to their desired destinations.