SHARE NOW Acquisition: Key Details, Impact, and What Comes Next

Free2Move's acquisition of SHARE NOW marks a significant milestone in the mobility industry. This strategic move expands Free2Move's reach to over 6 million customers and adds 14 new cities to its network. By integrating SHARE NOW's fleet, Free2Move strengthens its position as a global leader in car-sharing services, aligning with Stellantis' Dare Forward 2030 plan.

What Is SHARE NOW?

SHARE NOW, founded in 2019, offers comprehensive car-sharing services across 16 cities. Its core service allows users to rent vehicles on-demand, providing a flexible and convenient alternative to traditional car ownership. A key differentiator in the market is its extensive operational range, making it accessible to a broad user base. SHARE NOW's integration with Free2Move further enhances its service offerings, aligning with the growing trend towards sustainable and shared mobility solutions.

Who Acquired SHARE NOW?

Free2Move plays a pivotal role in the mobility industry, offering a diverse range of services that include car sharing, car rental, parking, car on demand, and electric vehicle charging. The company caters to both individual and business needs, providing flexible and accessible transportation solutions. With a significant market presence, Free2Move operates in 170 countries, manages 450,000 vehicles, and serves 6 million clients, underscoring its extensive influence and reach in the sector.

When Was SHARE NOW Acquired?

Free2Move acquired SHARE NOW in July 2022. This acquisition aligns with the growing trend in the mobility industry towards integrated and flexible transportation solutions. It is part of Stellantis' Dare Forward 2030 strategic plan, aiming to expand Free2Move’s customer base and revenue. The timing reflects the industry's shift towards sustainable and innovative urban mobility solutions, addressing increasing demand for car-sharing and other flexible transportation options.

Why Was SHARE NOW Acquired?

• Market Expansion: The acquisition of SHARE NOW allows Free2Move to significantly expand its market presence by adding 14 new European cities to its network. This move increases Free2Move's customer base to over 6 million, reinforcing its mobility hub offer in Europe and the U.S.
• Technology Integration: Free2Move benefits from SHARE NOW's advanced technology, which includes a fully integrated car-sharing app. This integration allows customers to reserve and book SHARE NOW vehicles directly through the Free2Move app, enhancing the user experience and streamlining services.
• Competitive Advantage: The acquisition strengthens Free2Move's position against competitors by leveraging economies of scale and synergies. The combined expertise of Free2Move and SHARE NOW enables innovation in the mobility market, positioning Free2Move as a leading global mobility player with a larger fleet and enhanced service offerings.

Acquisition Terms

• Acquisition Price: The acquisition price was not publicly disclosed.
• Payment Method: The payment method was not publicly disclosed.
• Key Conditions or Agreements:
  • The executive management team of SHARE NOW will remain in place.
  • The acquisition aligns with Stellantis' Dare Forward 2030 strategic plan.
  • Completion of the acquisition is subject to customary closing conditions, including antitrust requirements.
  • Integration of SHARE NOW vehicles into the Free2Move app.
  • Alignment of the fleets of both companies by the end of the first quarter of 2023.

Impact on SHARE NOW

The acquisition of SHARE NOW by Free2Move has led to significant operational changes. SHARE NOW's executive management team remains in place, ensuring continuity in leadership. However, the integration of services has streamlined operations, with all SHARE NOW vehicles now available for reservation through the Free2Move app. This alignment of vehicle fleets, expected to be completed by the first quarter of 2023, includes the introduction of new electrified vehicles, enhancing the overall service offering. The co-branding of vehicles as "SHARE NOW Joins Free2Move" marks a new chapter in the company's operational strategy.

Product offerings have also seen a notable expansion. Customers can now enjoy a broader range of mobility solutions, including car-sharing, rental, and subscription services, all accessible through a single app. The addition of modern and electrified vehicles like the Peugeot e-208 and Fiat 500e in cities such as Paris and Madrid reflects a commitment to sustainable mobility. Employee reactions have been positive, with Free2Move's CEO welcoming SHARE NOW colleagues, while customers benefit from simplified and enhanced mobility options. For founders considering business transitions, tools like Sunset can assist in managing such processes compliantly and efficiently.