Massachusetts-based HBSS Connect has acquired Israeli blockchain startup Colu, Investing.com has learned.
The acquisition creates new opportunities to connect the traditional transportation market with a rapidly expanding blockchain-based payment system. HBSS Connect is the company behind the QRyde transportation platform,
Colu has been an active player in the blockchain space since 2014. The company’s digital wallet app was launched in early 2017 and is now operational in cities including Tel Aviv, Haifa, East London and Liverpool, serving over 200,000 users and supporting transactions across 2,000 local businesses.
The blockchain startup has previously secured decent investments from companies like IDB Development Corporation and Aleph, and its blockchain technology has gained attention worldwide.
The merger with HBSS Connect Corp will help accelerate the development and deployment of these technologies on a global scale.
The acquisition will support QRyde’s efforts to create a blockchain-based transportation system with more efficient municipal spending. HBSS Connect will leverage web3 technology to integrate transportation systems with local economies.
Serving over 250 customers in 35 states and over 9,700 cities, QRyde’s platform is focused on connecting people to essential services.
HBSS CEO Himanshu Bhatnagar framed his company's investment in Colu as the first step in what will be a long process of discovery, though he hopes it will bear fruit soon.
He added: “We are delighted to have Colu join our QRyde team. Colu is the perfect partner to help us execute our vision of using blockchain in the mobility space, to enter the urban renewal and smart city space, making the transportation ecosystem reliable and more accessible for all citizens, not just the elderly and those with mobility issues.”
Bhatnagar founded QRyde as a ride-sharing scheduling platform to offer ride-booking, cost-sharing, and bidding management services to educational institutions, healthcare companies, and public transportation agencies across the country.
QRyde, which operates under its parent company HBSS Connect, employs technology such as mobile scheduling, automated dispatching, and AI-based route optimization to help these organizations deliver services more efficiently and cost-effectively.
“By combining Colu’s vision of making cities thrive with QRyde’s advanced transportation platform, we can now better serve underserved communities by transporting them to job centers and commercial areas,” said Ortal Tevel, CEO of Colu.
Colu has extensive experience implementing digital rewards schemes to engage residents and strengthen local economies. The company has collaborated with municipalities across the United States, including Akron, Boston, Houston, and Saline County.
Thanks to the collaboration with QRyde, Colu will expand its program to include a variety of essential services.
