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GM Buys Sidecar Ride-Hailing Company
General Motors Co. has purchased the technology and most of the assets of Sidecar Technologies Inc., a San Francisco-based ride-hailing company that ceased operations in late December.
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General Motors Co. has purchased the technology and most of the assets of Sidecar Technologies Inc., a San Francisco-based ride-hailing company that ceased operations in late December. Financial terms weren’t disclosed.
About 20 Sidecar employees, including co-founder and chief technology officer Jahan Khanna, will join GM’s mobility team, according to Bloomberg News. It says GM also will acquire a license to a patent granted to CEO Sunil Paul, who is not joining GM, for a software program that calculates “efficient transportation” routing.
Earlier this year, GM invested $500 million in Lyft Inc., which competes against Uber Technologies Inc. in the emerging ride-sharing industry. Despite being one of the first to market, Sidecar wasn’t able to compete with Uber and Lyft in terms of fundraising and market applications.
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