Rubicon sells fleet technology business, issues stock to Rodina in $94.2M deal

Rubicon Technologies announced that it has sold its fleet technology business and issued convertible preferred stock in Rubicon to Rodina Capital, a private investment firm based in Florida, in a sale with a total transaction value of $94.2M, which includes up-front cash and an earnout consideration of $74.2M payable in 2024 and a $20M issuance of convertible preferred stock. An independent special committee of Rubicon’s board of directors and Rubicon’s board of directors have approved the transactions. The fleet technology business unit will now operate as a private software company under a new name, which will be announced soon.