Following months of speculation as to who the second party would be, today Tier Mobility and Dott have announced a merger. The deal will see both parties continue to operate under their brands, however, a shuffling of executive roles and HQ addresses is expected.
The merged organisation will officially call Berlin home and is expected to be led by Dott’s Henri Moissinac as CEO, Dott’s Maxim Romain will fill the role of chief operating officer, with Tier’s Alex Gayer in the CFO chair, with former Tier CEO Lawrence Leuschner serving as chairman.
The deal is backed by existing investors Mubadala Capital and Sofina with M&G, Prosus Ventures, Novator, Estari, and White Star Capital pouring €60 million into the merger.
No other financial details regarding the merger were made available, however, in a statement released earlier today, Dottier noted that its combined revenues amount to €250 million and that the business “will be well positioned to be profitable”.
The deal is expected to close in two months, with finalisation subject to several conditions.
While it was widely circulated that Tallinn-based Bolt would be the partner to Tier, on the deal, Dott CEO and co-founder Henri Moissinac shared:
“By bringing Tier and Dott together, we are well-positioned to capture the next phase of growth and further accelerate our path to profitability. We are creating the European champion that will provide the best experience to our users, carefully integrated into the cities we operate in.”
Lead image via Dott.
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