ZEELO AND SWVL ANNOUNCE TERMINATION OF ACQUISITION AGREEMENT

    The acquisition transaction was announced onApril 28, 2022and was expected to close onMay 24, 2022. All pre-completion obligations were met, but following financial market volatility, Swvl and Zeelo mutually agreed to terminate the planned transaction. Zeelo, which has seen over 1000% growth since the start of 2020, will continue to focus on profitable growth in developed markets, in particular the UK,South Africaand the US, to provide sustainable rides for commuters and...

 

The acquisition transaction was announced on April 28, 2022 and was expected to close on May 24, 2022. All pre-completion obligations were met, but following financial market volatility, Swvl and Zeelo mutually agreed to terminate the planned transaction.

Zeelo, which has seen over 1000% growth since the start of 2020, will continue to focus on profitable growth in developed markets, in particular the UK, South Africa and the US, to provide sustainable rides for commuters and students based in transport-poor areas. Zeelo taps into a developed markets opportunity to modernise shared mobility which is worth US$40 billion. The company currently transports over 150,000 riders each month, serving over 150 clients in the Corporate and Education space.

About Zeelo
Zeelo is a smart bus platform for organisations. The global tech company is modernising daily bus commutes for frontline workers and students so that they can get to work and school in a faster, smarter, and much greener way. Zeelo serves large businesses and independent schools and moves nearly 150,000 riders each month across the world. Zeelo's tech-optimised bus routes not only reduce carbon emissions by 78% by replacing 30 cars for every bus journey, but also offset 100% of each Zeelo bus journey. Its innovative transport management software system comprises a SaaS platform, proprietary routing algorithms, and multiple consumer apps, and 24 / 7 customer service support (4.9 TrustPilot rating) that ensure people located in transport deserts have a regular, subsidised and sustainable bus service for their daily commute, wherever they are based. Headquartered in London with over 170 employees, an R&D team in Spain and live operations in the UK, South Africa and the US, Zeelo was founded in 2016 by Sam Ryan, Barney Williams and Dani Ruiz. It closed its Series A in 2018 and has raised over US$ 30 million in funding, including VC-backed investment from ETF Partners, InMotion Ventures and Dynamo. The co-founders previously sold their pioneering ride-sharing app JumpIn to Addison Lee in 2014. For additional information, please visit www.zeelo.co

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