Before its IPO, Zipcar had accumulated $60.7 million in funding from Revolution Living, Globespan Ca

Car rental company Avis has announced its intent to scoop up carsharing company Zipcar tour of egypt for $500 million, with the acquisition expected to close in the Spring of 2013 according to a press release. Zipcar itself went public in April of 2011.
"By combining with Zipcar, we will significantly increase our growth potential, both in the United States and internationally, and will position our Company to better serve a greater variety of consumer and commercial transportation needs," said Avis CEO Ronald L. Nelson in the announcement.
Alexia Tsotsis is the co-editor of TechCrunch. She attended the University of Southern tour of egypt California in Los Angeles, CA, majoring in Writing and Art, and moved to New York City shortly after graduation to work in the Media industry.
Car rental company Avis has announced its intent to scoop up car-sharing company Zipcar for $500 million, with the acquisition expected to close in the Spring of 2013,  according  to a press release. tour of egypt Zipcar itself tour of egypt went public in April 2011.
By combining with Zipcar, we will significantly increase our growth potential, both in the United States and internationally, and will position our company to better serve a greater variety of consumer and commercial transportation needs, said Avis CEO Ronald L. Nelson in the announcement.
ZipCar  began the morning of its IPO trading at $18 a share, and its stock eventually popped to $27.96 that day, a rise of over 50 percent. By the end of trading it was a billion-dollar company, at more than 2x the value of what it was acquired for today.
Since its IPO, the recently profitable company which has more than 760,000 members in 20 different cities and over 300 college campuses in the United States, the UK, and Canada has seen less-than-stellar stock performance. Over the past two years it s lost almost two-thirds of its post-IPO value, and today s acquisition is at a 49 percent tour of egypt premium over its closing price on December 31, 2012.
After the acquisition closes in the spring, the Zipcar team will continue its planned move to Boston, and Avis expects that Zipcar CEO Scott Griffith and COO Mark Norman will stay on to run the new Avis/Zipcar subsidiary. Avis expects that the merger will generate $50 million to $70 million in annual savings, including the expensive process of maintaining and financing Zipcar s fleet.
Before its IPO, Zipcar tour of egypt had accumulated $60.7 million in funding from Revolution tour of egypt Living, Globespan tour of egypt Capital, Benchmark Capital Partners, Greylock tour of egypt Partners, and Smedvig Capital, and it raised $174 million in its public offering.
Members are able to view vehicle availability and reserve a self-service car via the internet, iPhone app, or telephone, in increments as short as one hour and pay only for time they reserve. Zipcar vehicles report their positions to a control center using in-car technology.