Rubicon goes public thanks to its merger with founder SPAC

LEXINGTON, Ky. – Rubicon, an innovative software platform that provides intelligent waste management and recycling solutions to businesses and governments, and founder SPAC, a specialist acquisition company, today announced an agreement making Rubicon a listed company.

The business combination values ​​Rubicon at an implied pro forma enterprise value of $ 1.7 billion, priced at $ 10.00 per share, assuming no buyouts by PSPC’s founding shareholders. The boards of directors of Founder SPAC and Rubicon have approved the proposed transaction, which is expected to close in the second quarter of 2022. It is subject to Founder SPAC shareholder approval and other customary closing conditions.

The transaction will generate gross proceeds of $ 432 million for Rubicon (assuming there are no redemptions and before payment of transaction fees), including a fully committed PIPE of $ 111 million, funded by Palantir Technologies, the New Zealand Super Fund and Rodina Capital.

Nate morris

Upon closing of the transaction, the amalgamated company will be called Rubicon Technologies Inc. and will be listed on the New York Stock Exchange under the new ticker symbol “RBT”. The company will continue to be based in Lexington and led by Nate Morris, Founder and CEO of Certified Rubicon B-Corporation, and other key executives.

“Historically, waste has been a neglected issue,” Morris said, “but in Rubicon we’ve built a different kind of business, one that has sought to fill the industry’s entrenched gaps and bring the problem to the fore. waste into the public consciousness.As a Lexington, Ky. based company, our proven track record in environmental innovation shows transformational ideas can come from anywhere and demonstrates the power of forward-thinking companies to bring about positive change in our world.

Founded in 2008, Rubicon is the world’s largest digital marketplace for waste and recycling, and a global leader in providing cloud-based waste and recycling solutions to businesses and governments. As a digital challenger to the status quo waste management companies, the company has developed and marketed proven cutting-edge software that brings transparency and environmental innovation to the waste and recycling industry, enabling customers to make informed decisions. on data that leads to more efficiency and effectiveness. operations and gives more lasting results.

Using proprietary technology in machine learning, artificial intelligence (AI), computer vision and the industrial Internet of Things (IoT), for which the company has obtained more than 50 U.S. and international patents, Rubicon has builds the world’s leading technology platform to modernize the global $ 2.1 trillion waste and recycling industry.

Rubicon’s long-term recurring revenue streams, low churn rate, triple-digit net revenue retention rate, and impressive growth trajectory since its inception make Rubicon the global leader in industry optimization. waste and recycling. Annual revenues are expected to exceed $ 577 million in 2021 and validate the inherent value of solutions from Rubicon, which has a list of premier customers including Apple, Walmart, Starbucks, Chipotle and FedEx, as well as city governments such as Kansas. City, Baltimore. and Columbus, Ohio.

“This transaction reflects a stage of transformation in the long and successful track record of our company. Although the waste and recycling category is very resilient, it is ripe for improvements in efficiency and sustainability, and the successful execution of our growth strategy will help propel the industry into the current era of digitization while facilitating the broader sustainability goals of customers and communities around the world. In doing so, we are creating a new standard for the category of waste and recycling.

SPAC Founder / CEO Osman Ahmed said: “Our main thesis with SPAC Founder was to partner with an iconic company enabling digital transformation in a large end market. We’re glad to have found this partner in Rubicon, which is transforming a multi-billion dollar industry that has remained essentially unchanged for centuries.

“Nate is a visionary CEO who has driven innovation in one of the toughest categories in business, delivering value to Rubicon’s transportation and recycling partners and the customers they serve.

Since Rubicon’s inception in 2008, the company has reached over $ 500 million in annual revenue in 2020. The company has built a network of over 8,000 transportation and recycling partners and over 8 million service points in the world. Rubicon expects to increase its growth in the coming years as the company’s international markets expand and new customers are added to existing markets.

Click here for more information on Kentucky Businesses.

Source link

About Harold Fergus

Check Also

‘Our lives matter too’: Lexington homeless man speaks out against hate

Self says he would like to see more resources for homeless men and advocates for …