Popular London navigation app Citymapper is being acquired by US tech startup Via.
The size of the transaction was not disclosed, but Via has confirmed it is a mixture of cash and stock.
Despite one report that the deal is valued at $100mln, sources close to the matter told TechCrunch that Citymapper investors were most likely not making their money back in the transaction.
In a statement on Thursday, Via said the deal would allow it to integrate Citymapper into its platform to expand its transit tech offering.
It will enable cities and transit agencies to plan transit networks that are responsive and resilient to rapidly changing needs, to operate smart multi-modal transportation systems, and to use data to continually enhance performance, now unified with an optimized experience for riders from Citymapper, Via said.
Citymapper founder and chief executive Azmat Yusuf said the company had spent a decade building some of the greatest technology in urban mobility, with the mission to make cities easier to navigate and urban transportation more efficient, sustainable, and accessible.
"We share this vision with Via, and through this acquisition, can expand Citymapper to a larger audience, make our technology available to cities and transit agencies, and extend the positive impact on the communities we serve,” Yasuf said.
"By bringing our teams together, we see an exciting opportunity to deliver Citymapper's capabilities to cities and transit agencies all over the world, so that they can create the most user-friendly and relevant transit experience for their communities,” added Via co-founder and chief executive Daniel Ramot.
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