UAE - Mubasher: Abu Dhabi-based FENIX has acquired PALM, a Turkish micromobility company, in exchange for $5 million in cash and equity.
The acquisition enables FENIX to expand its market-leading micromobility platform from the Gulf to Turkey, to foster its position in the Greater Middle East region, according to a press release on Sunday.
PALM founders Berhan Goksin and Alican İstanbullu will remain with the company to lead the business expansion in Turkey, and the existing PALM shareholders and renowned local Turkish entrepreneurs will join as FENIX shareholders.
FENIX will also establish a research and development centre for software and hardware in Istanbul to develop technologies for the Turkish market.
The Co-founder and CEO of FENIX, Jaideep Dhanoa, said: "The Turkey market is primed for micromobility investment - 83 million people, 75% urban, 20 cities with a million or more population, high public transit and multimodal usage - supported by a government that has released progressive national legislation on shared micromobility."
Meanwhile, the Co-Founder and CEO of PALM, Berhan Goksin, commented: "With FENIX we will continue to support Turkey’s vision to improve, innovate and boost transport networks which is set to further enhance economic productivity within the country."
