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 the rapidly expanding blockchain-based payment systems. HBSS Connect is the company behind the transportation platform QRyde.
Colu has been active in the blockchain space since 2014. The company’s digital wallet app was launched in early 2017 and is currently operational in cities including Tel Aviv, Haifa, East London and Liverpool, serving over 200,000 users and supporting transactions for 2,000 local businesses.
The blockchain startup has already raised significant investments from companies such as IDB Development Corporation and Aleph, and its blockchain technology has attracted attention around the world.
The merger with HBSS Connect Corp will accelerate the development and deployment of these technologies on a global scale.
Meanwhile, the acquisition is aimed at supporting QRyde’s efforts to create a blockchain-based transportation system with more efficient municipal spending. HBSS Connect leverages Web3 technology to integrate transportation systems with local economies.
QRyde’s platform serves more than 250 customers across 35 states and more than 9,700 cities, and is focused on connecting people to essential services.
HBSS CEO Himanshu Bhatnagar described the company’s investment in Cortana as the first step in a long exploration process that he hopes will pay off soon.
He added, “We are excited to have Colu join our QRyde team. Colu is the perfect partner to help us realise our vision of using blockchain in the mobility sector, entering the urban redevelopment and smart city space, and making the transport ecosystem reliable and more accessible for all citizens, not just the elderly and those with mobility challenges.”
Bhatnagar founded QRyde as a shared ride scheduling platform that provides ride booking, cost sharing and bid management services to educational institutions, healthcare companies and public transport operators across the country.
Operating under the umbrella of parent company HBSS Connect, QRyde employs technologies such as mobile scheduling, automated dispatch and AI-based route optimization to help these organisations deliver services more efficiently and cost-effectively.
“Combining Koru’s vision for thriving cities with QRyde’s advanced transportation platform will enable us to better serve low-wage communities and transport them to jobs and downtown areas,” said Koru CEO Oltar Tebel.
Colu has extensive experience implementing digital rewards systems to engage residents and strengthen local economies. The company has worked with municipalities across the U.S., including Akron, Boston, Houston and Saline County.
Through its partnership with QRyde, Colu will expand its programming to include a range of essential services.
