Ride hailing firm Grab Philippines has finalized a deal to take over motorcycle taxi service Move IT for a, a local motorcycle taxi solutions provider for an undisclosed price.
“We concluded a deal to acquire Move It operations in the Philippines. What will happen moving forward is we will keep Move IT as a separate entity. There’s a change in ownership but there’s no merger of operations,” said Ronald Roda, Grab Philippines senior director for Strategy and Operations.
Roda said Grab would scale up the operations of Move IT by beefing up the latter’s motorcycle taxi fleet and improving the efficiency of its platform to serve more commuters. Move IT has less than 1,000 driver-partners on its fleet.
Grab plans to hire at least 6,000 driver-partners in the next three months.
Francis Juan will continue to lead MOVE IT in his capacity as chairman, leveraging his deep knowledge on the motorcycle taxi industry to better address market gaps, and leverage untapped market opportunities.
“As one of the first tech platforms who firmly believed in the potential and value of the Philippine market ten years ago, we’re doubling-down on our commitment to outserving the needs of the Filipino people, and we are optimistic that through MOVE IT, we will create more livelihood opportunities, spur greater economic activities, and help improve every Filipino’s daily commute,” Grab Philippines country head Grace Vera Cruz said.