Facedrive acquires Waterloo-based carpooling firm HiRide Share


The Toronto ride-sharing network is paying $1 million in stock plus up to $2.5 million in conditional payments over the next two years. (The Logic)

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Talking point: The acquisition gives Facedrive access to HiRide’s over 20,000-person carpooling network, which targets the Kitchener-Waterloo university market. Both companies bill themselves as socially responsible. Facedrive, for example, offers electric vehicles and plants trees to offset its CO2. This is its second recent expansion: in 2019, it expanded to several Ontario communities.