Rubicon, a Lexington-based waste-management software company, has entered into a merger agreement with Founder SPAC, a publicly traded special purpose acquisition company.
The combined company will be named Rubicon Technologies and be listed on the New York Stock Exchange under the new ticker symbol “RBT.”
The transaction implies a combined pro forma enterprise value of approximately $1.7 billion and pro forma equity value of roughly $2 billion and is expected to close in the second quarter of 2022.
The company will continue to be based in Lexington and led by founder and Chief Executive Officer Nate Morris, along with its executive leadership.
Nate Morris
Nate Morris
Founded by Morris in 2008 with a $10,000 line of credit, Rubicon utilizes its cloud-based technology and software platform to provide smart waste and recycling solutions for businesses and governments via its network of more than 8,000 hauling and recycling partners across 20 countries.
Rubicon generated more than $500 million in revenue in 2019 and 2020 while building a base of customers, including Walmart, Starbucks, FedEx, and major city governments, including Kansas City, Missouri, Baltimore, Maryland, and Columbus, Ohio.
Fast Company named Rubicon to its annual list of the “World’s Most Innovative Companies” for 2021.
“Historically, waste has been an overlooked issue, but in Rubicon, we have built a different kind of company, one that has sought to address the entrenched shortcomings of the industry and bring the issue of waste into the public consciousness,” Morris said. “As a Lexington, Kentucky-based company, our proven track record of environmental innovation shows that transformational ideas can come from anywhere and demonstrates the power of forward-thinking businesses to drive positive change in our world.”