MTI, formerly known as MTData, provides software-as-a-service automotive dispatch and booking technology for the taxi industry and has an established presence in Australia, New Zealand, North America and Europe.
MTI also owns and operates Mantax Taxis, the largest network of black cabs in Manchester, England.
The two companies say they will invest more than $10 million developing technologies to create advanced taxi dispatch and payment services.
“This collaboration of technology and experience will be a win for Cabcharge’s customers and a win for MTI’s Taxi industry customers,” said Cabcharge chief executive Andrew Skelton.
“Working directly with our core dispatch and bookings technology enables us to improve the service experience for a number of key stakeholders. The transaction signals growing confidence in our ability to build and integrate technology and MTI provides an opportunity to be active and competitive on a global scale.”
MTI chairman and co-founder Matthew Bellizia said: “I believe this is one of the most exciting developments globally in terms of having taxi companies compete against the global ride share companies. The shared passion of MTI and Cabcharge and our strong track records are testament to this vision. Our global customer base will get an accelerated set of tools to help them compete in their market places.”
Under the agreement, MTI will continue with its existing management structure and operate as a subsidiary of Cabcharge to allow it to provide “systems and service to all customers equally and fairly, but with the added support of more people power and R&D funding”.
Bellizia will remain as chairman of MTI and says, “Cabcharge’s commitment to improving technology makes it the perfect home for MTI to accelerate its next generation products which are designed to support established taxi industry participants to compete against new global players.
“MTI management and staff are excited by the acquisition. Combining our resources will provide our customers with a new level of tools and innovation and strengthen MTI’s capacity to grow the business globally.
“Together MTI and Cabcharge will invest over $10 million developing technologies to create advanced taxi dispatch and payment services, which in turn will strengthen operations for our taxi industry customers across the world.”
Cabcharge says the transaction is expected to occur in the second half of calendar year 2018 and is “subject to confirmation from the Australian Competition and Consumer Commission that it does not intend to oppose the acquisition”.
The acquisition does not include MTI’s meter business.