Private hire vehicle firm Veezu, headquartered in Cardiff and recognized as the UK's fastest-growing taxi business, has acquired a strategic stake in Cab9, a leading booking and dispatch technology provider.
Deal Details
London-based Cab9, which supplies its technology platform to hire and taxi operators across the UK and internationally, will continue to operate under its existing brand and leadership. Chief executive Tarpit Grover remains in position and also retains a significant shareholding. The value of the investment and Veezu's stake in the business have not been disclosed.
Acquisitive Veezu partners with 16,000 drivers across the UK and handles approximately 25 million journeys annually.
Investment Focus
Through its latest investment, Veezu, which is backed by private equity firm MML Capital, stated it will support the development of AI and automation technologies. This aims to enhance Cab9's ability to provide innovative, reliable, and cost-efficient solutions for customers, accelerating growth and increasing service provision. Additional investment will also support the continued development of Cab9's platform and services, maintaining its focus on delivering technology solutions for operators.
Executive Comments
Mr Grover, CEO of Cab9, said: "This is an exciting next chapter for Cab9 and the strongest leap forward in our journey so far. Over the last decade, we have built technology with purpose, care and a belief that the industry deserves better. That does not change. The people, passion and product thinking behind Cab9 are not going away - they are being strengthened. I am delighted to continue leading Cab9 and look forward to working closely with the Veezu team as we build on our strong foundations and take the business into its next stage of growth."
Co-founder and chief executive of Veezu, Nathan Bowles, commented: "Cab9 has built an excellent reputation for delivering high-quality technology to operators across the sector. As Veezu has grown nationally, technology has become increasingly important to our long-term strategy and ability to serve passengers, driver partners and business customers. We are excited to be supporting the next stage of Cab9's growth and look forward to working closely with Tarpit and the team in the years ahead."
Veezu's Growth
Established in 2013, Veezu now operates in hundreds of towns and cities across the UK and is licensed by 63 local authorities. It recently acquired the largest private hire operator in Bedfordshire, Go Cars. On that deal and its wider acquisition strategy, Mr Bowles said: "We've always been clear in our ambition to build a truly national network, with a Veezu flag in every region of the UK. Our expansion into Luton is a strong example of that in action, as we continue to grow a network of local transport hubs while delivering the dependable, community-focused service passengers rely on every day."
