Rodina Capital completed the acquisition of Fleet Technology Business of Rubicon Technologies Inc. from Rubicon Technologies, Inc. for $94.2 million.
May 06, 2024
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Rodina Capital acquired Fleet Technology Business of Rubicon Technologies Inc. from Rubicon Technologies, Inc. (NYSE:RBT) for $94.2 million on May 7, 2024. Aggregate purchase price is $68 million. The Asset Purchase Agreement also provides a potential earn-out payment of $12.5 million from buyer to the Rodina Capital if the Technology Business achieves a certain annual recurring revenue target eAs on May 20, 2024 the consideration includes up-front cash of $61.7 million and an earnout consideration of $12.5 million that could become payable in 2024, along with a $20.0 million issuance of convertible preferred stock. The fleet technology business unit will now operate as a private software company under a new name, which will be announced soon. An independent special committee of Rubicon?s Board of Directors and Rubicon's Board of Directors have approved the transaction. Laura C. Turano of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to the Rodina Capital. Cantor Fitzgerald & Co. served as the exclusive financial advisor to Rubicon and Michael Blankenship and Louis Savage Winston & Strawn LLP acted as legal advisors.
Rodina Capital completed the acquisition of Fleet Technology Business of Rubicon Technologies Inc. from Rubicon Technologies, Inc. (NYSE:RBT) on May 7, 2024.
Rubicon Technologies, Inc. builds artificial intelligence (AI)-enabled technology products and provides sustainability solutions to waste generators, fleet operators, and material processors to help them understand, manage, and reduce waste. The Company is a provider of cloud-based waste and recycling solutions for businesses, governments, and organizations worldwide. The Company provides its waste generator customers with a platform that delivers transparency, self-service capabilities, and customer experiences. Its programs span cardboard (OCC), plastic, paper, metal, glass, pallets, electronics recycling, construction, and demolition (C&D), organics recycling (including food waste and composting services), grease and oil recycling, and single-stream recycling (SSR), among other adjacent services. The Company also offers various solutions for haulers and recyclers, which include RUBICONPro App, RUBICONPro Pod, and RUBICONSelect.
RUBICON TECHNOLOGIES, INC. 
