By Jarrett Banks
Marketing firm System1 said it reached an agreement through its MapQuest brand to acquire RoadWarrior, a subscription app focused on route planning for gig economy drivers.
In June, System1 agreed to go public through a merger with a blank-check firm backed by Bill Foley, in a deal valuing the combined company at $1.4 billion including debt. The transaction with Foley’s Trebia Acquisition Corp. (NYSE: TREB), will provide about $175 million to fund the new company’s growth and acquisitions.
The RoadWarrior acquisition will enable System1 to expand its subscription offerings, while delivering more robust route planning product features to MapQuest’s users, the company said in a statement. RoadWarrior’s app “leverages proprietary algorithms to streamline complex routing problems faced by delivery drivers who have complicated multi-stop route itineraries,” the statement said.
“Subscription products are an important part of System1’s growth strategy, and RoadWarrior is the next of many future subscription services that will benefit from the strength of our RAMP customer acquisition platform,” said Michel Blend, CEO of System1.
The app factors drop-off priorities, school zones, tolls, one way trips and more while delivering an optimized route, the statement said.
Contact:
Jarrett Banks, Editor-at-Large
Twitter: @IPOEdge
Instagram: @IPOEdge
