Three Deals on the Horizon

Today we cover $RCLF, $VTAQ, $CPTK and more…

It’s a busy day for SPAC’s with three Merger Agreements including an Enterprise Ride-Hailing Service looking to make a comeback, a Technology Company for Restaurants capitalizing on the pandemic boom, and a Security Software Provider with high-profile clients. Also, a Grill-maker is facing the heat after its SPAC deal falls apart. Read on to find the latest about all things SPACs.

SPACs to Watch Today

Enterprise Ride-Hailing Platform Gett Nearing Deal with $RCLF

  • London Based Gett is nearing a deal with Rosecliff Acquisition Corp I in a deal valuing the platform at $1.1 billion. 

Gett differentiates itself from the likes of Uber & Lyft by targeting the corporate Ground Transportation Management (GTM), where the annual spend is estimated to exceed $100 billion globally.

The company’s cloud-based software aggregates existing transportation into a single platform and helps businesses manage all the ground transportation spend. Gett has seen plenty of success in the GTM space, where it serves a quarter of the Fortune 500 companies, including Apple and Coca-Cola. The company’s valuation has taken a hit since 2019 (Gett was valued at $1.5 billion) after it closed its New York-based ride-sharing business Juno. Gett still operates ride-hailing services in Israel and London, but 40% of the company’s trips for corporate clients now come from third parties.

Restaurant Technology Company Presto Announces Merger with $VTAQ

  • Presto, a restaurant tech startup, is set to go public through a merger with SPAC Ventoux CCM Acquisition Corp, in a deal valuing the combined company at $1 billion. 

The deal will generate $240 million in gross proceeds for Presto, which includes a $70 million PIPE from some of Presto’s clients. Presto was founded in 2008 at MIT and offers technology solutions to automate restaurants and improve the dining experience.

This includes kiosks and tablets that enable customers to order and pay directly at tables and speech recognition to allow users to order by talking to a device at drive-throughs. In addition, the company also uses computer vision and analytics to help restaurants streamline operations. Presto’s solutions have helped restaurants address multiple problems during the pandemic, including minimizing human interactions and reducing the reliance on human labor (particularly as many workers have preferred to not return to service-sector jobs). The company serves high-profile clients like McDonald’s, Applebee’s, and Chilli’s. 

Security Software Maker Brivo Closes SPAC Merger with $CPTK

  • Security Technology and Services provider Brivo is merging with SPAC Crown PropTech in a deal valuing the combined company at $800 million including debt. 

The Maryland-based company primarily sells security technology and services that include access control and video surveillance to property owners.

Brivo’s cloud-based System is sent by enterprise and residential clients to safeguard commercial properties and vacation rental homes. As of 2020, the company had over 20 million users and served users across areas including access control, mobile credentials, video surveillance, identity federation, visitor management, and elevator control. Some of the company’s customers include Whole Foods, Salesforce, and Solidcore. The transaction would mark a 16x return for Dean Drako, who acquired the company in 2015 for $50 million.

Reddit Reads

$AGC is Scaling Grocery Delivery with Major Retail Chains

Grab is expanding its grocery delivery across Southeast Asia by partnering with major retail chains like Indomaret in Indonesia, Big C in Thailand, Lotus’s in Malaysia, S&R in the Philippines, and Mega Market in Vietnam.

$SVOK and Boxed Set Merger Approval Vote Date

Seven Oaks Acquisition Corp and Boxed have scheduled the special meeting to approve the merger for December 7th, 2021.

SPAC market trends for the Festive Season

$VELO is Terminating its Merger with BBQGuys

  • BBQGuys and Velocity Acquisition Corp announced that they would mutually terminate the merger as a result of supply chain issues impacting the company’s business. 

Velocity had initially announced the transaction in July, implying a valuation of $963 million for the combined company, but various factors, including supply chain issues and the timing of the transaction, resulted in the companies deciding to cancel the transaction.

Doug Jacob, the founder of velocity announced that the SPAC would continue to look for target companies that would benefit from digital transformation trends. 


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