Rubicon Technologies Sells Smart City and Software Divisions

Image credit: Rubicon

Published on May 8, 2024

Rubicon Technologies has divested its fleet technology business, including its Smart City and software products, to Rodina Capital for $94.2 million. The deal, which is part of Rubicon’s strategy to focus on core waste management services, includes an initial payment of $68 million and potential additional payments of $12.5 million, dependent on revenue targets. This sale marks Rubicon’s exit from the smart city solutions sector, shifting away from less profitable software ventures to concentrate on enhancing its primary business operations. The divested Smart City product, which serves over 100 municipal clients, will now operate under new leadership as an independent company, focusing on technology for waste, recycling, and municipal services.

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