Autocab is toasting 30 years in business following a remarkable transformation which has seen it become the market’s leading software provider.
Following the rise of Uber, and ride hailing apps generally, Autocab recognised the taxi industry was undergoing significant change. So in order to help its customers, community taxi firms, fight back, it self-funded its transition from in-cab hardware manufacturer to a Software-as-a-Service (SaaS) company in 2015.
Autocab, based in Stockport, now supplies more than 50% of the UK taxi market with its online booking and dispatch platform and white-labelled passenger apps – which have processed more than three billion bookings to date. Over the last three years, this has seen SaaS revenues grow 158% – with annual profits increasing 29% on average, reaching £7.2m in 2018.
“We undertook a huge, but necessary, change and it proved to be the right move for our customers,” said Safa Alkateb, CEO of Autocab. “The market has really responded well and we’re thriving. This is definitely a cause for celebration!”
To meet customer demand, Autocab also developed the fare-sharing network, iGo, in late 2017. This network now includes more than 500 firms, with a combined fleet of 80,000 cars, covering over 90% of the UK. It means taxi firms can take customer bookings anywhere in the country and meet that demand by sharing the fare with other firms through iGo. This network will soon expand into Spain, Germany and the US – with plans to reach 30 countries also in the pipeline.
Autocab has also opened iGo up to corporate bookings with partners across a range of sectors, including business travel, insurance and retail, now adopting the network. Autocab’s ultimate goal is to put taxi firms at the heart of our future transportation system by providing solutions that will facilitate Mobility as a Service (MaaS) platforms.
Alkateb said: “Transportation is such a great space to be working in currently. We’re really excited about the future, with our international expansion and building out the iGo network. Our customer base is continuing to grow and we’re expanding our technology offering, to the benefit of taxi firms, businesses and the consumer.
“The next stage of development will involve greater focus on trip management and providing businesses and consumers with the ability to manage a seamless end-to-end journey, wherever they are travelling, through a Mobility as a Service model. This is where the industry is heading.”