Telegraph Hill Advisors Serves as M&A Advisor to Carma on Sale of City CarShare Assets to Getaround
San Francisco, February 9, 2017 – Telegraph Hill Advisors acted as the exclusive financial advisor to Carma on the sale of its City CarShare division to Getaround. City CarShare was the first company to provide a carsharing service in the San Francisco Bay Area, and provides a multitude of vehicles and parking spaces to be rented on an hourly or daily basis for consumer and corporate carsharing. City Carshare was acquired by Carma in 2015. Carma is a transportation technology company that is headquartered in Cork, Ireland, with offices in San Francisco, CA and Austin, Texas that also provides Occupancy Detection solutions for HOV and tolling lanes. The acquisition of City CarShare adds over 200 more parking spaces in high-density locations, as well as over 13,000 members to Getaround’s already large presence in the San Francisco Bay Area.
The Telegraph Hill team has been indispensable in providing strategic advice as Carma looks to capitalize on the large opportunities in the transportation technology sector. They ensured that we obtained the highest return possible on the City CarShare assets and continue to provide sound advice on how to best position ourselves for future growth. Telegraph Hill demonstrated in-depth knowledge of our industry and delivered a superior level of client service from beginning to end. I would definitely work with Telegraph Hill Advisors in the future.- Lawrence Mulligan, Chief Executive Officer, Carma
Getaround will be a perfect fit strategically and culturally with City CarShare’s vision to drive an autonomous shared economy in San Francisco and beyond,” said Scott Sutherland of Telegraph Hill Advisors. “The TeleHill team was thrilled to work with a company like Carma that was directly involved in the emerging shared economy and look forward to partnering with more firms in this market in the future. We are also extremely gratified to see the momentum that the Carma team has generated for its SaaS-based transportation software solution.
“We were excited to work with the Carma leadership team as they look to execute on their vision of making the transportation industry much more efficient through the use of technology,” said Dinesh Moorjani of Telegraph Hill Advisors. “The transportation industry is ripe for innovation and disruption as infrastructure in cities is severely strained. There is an obvious need and opportunity to more optimally utilize vehicles and transportation infrastructure through intelligent systems.”
Telegraph Hill Advisors is a boutique investment bank based in San Francisco that provides merger and acquisition, capital raising, and financial advisory services to emerging growth technology companies in the Mobile & Communications, Digital Media and Software sectors.