Tech News – Facedrive Inc. (“Facedrive”) , the first Canadian peer-to-peer, eco-friendly and socially responsible ride-sharing network, has entered into a Share Exchange Agreement to acquire 100% of HiRide Share Ltd (“HiRide”), a socially responsible ride-sharing and car-pooling app which shares Facedrive’s “people and planet first” principles.
This is a strategic acquisition that will give Facedrive access to HiRide’s 20,000+ car-pooling network targeting the high-demand university and education markets with its completed AI engines, fully functional app and update releases in the pipeline.
The acquisition 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 $1,000,000 payable on closing in common shares of Facedrive (“Facedrive Shares”) and future conditional payments of up to $2,500,000 (“Conditional Payments”) over the course of 2 years.
The Conditional Payments are contingent upon the achievement of certain financial, technical and business development milestones set out in the Agreement. Per the terms of said Agreement, such Conditional Payments can be either paid in a combination of cash and shares, or Facedrive Shares exclusively. There are no finder’s fees payable in connection with the Agreement or Acquisition.
“The acquisition of HiRide is a move of high-level strategic significance for Facedrive. Not only does it increase our global expansion power several times, but it adds a broad case of commuter customers directly to our first- and last-mile ride-sharing app. HiRide is another shining example of the power of Waterloo, Ontario’s ‘Silicon Valley’, and the innovative ideas featured on ‘Dragon’s Den’ (the Canadian version of ‘Shark Tank’). From the outset, Facedrive has sought to support and incubate emerging technologies in this Transportation as a Service (TaaS) space,” said Facedrive CEO Sayan Navaratnam.
“Not only does HiRide share our principles of environmental and social responsibility in the sharing space, but its targeting of the extensive university and education market space for ride-sharing is also in lockstep with Facedrive’s global expansion plans,” added Navaratnam.
“HiRide is an innovative, first-of-its-kind car-pooling app that seeks to change the face of transportation by providing safe and social rides for longer-distance commuters. From an environmental perspective, we envision a world where driving is sustainable and car-pooling is an answer to climate change. This aligns perfectly with Facedrive’s initiatives to benefit every community it enters by offering a zero-carbon method of ride-sharing. Our visions of social responsibility also align, with HiRide’s efforts to improve the social interaction and technological gaps that have kept car-pooling from becoming widespread until now, and with Facedrive’s unrivaled commitment to its drivers as integral partners in this business,” said HiRide CEO Akshat Soni.
“Bringing the first and last miles together with long-distance commuting is a win-win for both Facedrive and HiRide, giving Facedrive immediate access to HiRide’s 20,000+ social network of car-poolers, and giving riders an end-to-end experience without interruptions,” added Soni.