Wednesday, October 31, 2007

Flexcar, Zipcar Merge

Seattle-based Flexcar, and Boston-based Zipcar said today that the firms have agreed to merge. Both Flexcar and Zipcar provide car sharing services, which allow people access to a car when needed. According to the firms, the combined company will operate under the Zipcar brand, and will be headquartered in Cambridge, MA. Zipcar and Flexcar's offerings are targeted at metropolitan areas, and are currently offered by Zipcar in New York, Boston, Washington D.C., Chicago, San Francisco, Vancouver, Toronto and London; Flexcar operates in Seattle, Portland, San Francisco, Los Angeles, San Diego, Atlanta, Pittsburgh, Philadelphia and Washington D.C. Financial terms of the deal were not disclosed. Flexcar is backed by Revolution LLC, the investment firm owned by ex-AOL CEO Steve Case; ZipCar is venture backed by Greylock, Globespan Capital Partners, and Benchmark.