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Alumni News | PushMe Bikes in hot swap deal
The Pushpod
Following hard in the slipstream of Zynstra’s recent acquisition by US giant NCR, reports emerging from German sources highlight the “acqui-hire” in January of former SETsquared Bath member PushMe Bikes by cutting edge Berlin-based e-scooter fleet startup Tier Mobility. Both deals recognise the importance of close strategic fit in achieving a successful M&A exit.
Tech Crunch reports that Tier was was thought to be developing a network of battery change stations for last-mile delivery and the share-swap deal effectively gives the company access to PushMe’s superior “Pushpod” technology that enables networks of battery change stations, offering immediate charging at urban locations.
In the wake of the breaking news of the deal, Tier CEO Lawrence Leuschner confirmed that his company acquired PushMe for its exceptional technology and design skills and to help to build up hardware tech skills longer term.
Pushme Bikes, founded in 2016 by Daniel Keene and University of Bath alumnus and former Innovation Award winner George Kalligeros, was backed by SOS Ventures and Velocity Partners. Terms are currently confidential so we are as yet unable to put a valuation on the deal but congratulations are definitely in order!