Note: This post originally appeared in the Beat, Atlanta Inno's daily newsletter on tech, startups and innovation. To receive daily updates on Atlanta's tech ecosystem subscribe here.
Anytime a major player in our tech ecosystem makes a move, it's worth looking into. That's why we're taking a closer look at the "Uber for Recycling's" recent interest in Tony Soprano's hometown.
Atlanta's recycling unicorn Rubicon Global acquired Charter Waste Management, Inc., the parent company of RiverRoad Waste Solutions, a waste and recycling company based in New Jersey, on June 30, according to company representatives. Financial terms of the deal were not disclosed.
Following the news, Fortune's Term Sheet called into question whether Rubicon will remain on the path of tech disrupter in the waste industry, or lean into the title of waste brokerage--a name the company has resisted since it's inception. RiverRoad Waste Solutions is a waste broker, meaning the company brokers deals between businesses and trade waste removal companies.
We chatted with Rubicon to learn more about what direction the company hopes to head in, as leadership changes, more funding comes in and rumors of an IPO continue to collect.
“Rubicon Global is always looking at both organic growth and acquisition targets as a means to deliver the most impactful waste, recycling and smart city solutions to business and governments worldwide," the company said in a statement. "The acquisition will help Rubicon grow and expand our focus on technological innovation and environmental sustainability, while providing Rubicon additional scale to continue fulfilling our mission to end waste."
According to the company, its organic growth in small to medium businesses increased more than 300% in 2017. The recent acquisition will bring new customer locations to the company platform and help haulers expand their capabilities.
"We are excited to welcome the talented group of New Jersey-based RiverRoad employees into our Rubicon family," the company said. "There will be no immediate change to any of the great RiverRoad customers or engagements currently underway.”
In addition to the acquisition news, Rubicon saw a shake up in the C-Suite last month with the resignation of President Elaine Richards, who joined the team last November. The company cited that Richards was leaving to "pursue other business opportunities." Richards has yet to update her LinkedIn profile about her latest venture and still lists Rubicon as her employer on the social network. She was replaced by Kim Rumph, a Rubicon board member of three years.
The company has seen a number of executives leave the company over the years, while still attracting notoriety, with the recent $65M funding round from New Zealand's Super Fund and the addition of Atlanta Hawks CEO Steve Koonin to the Rubicon board room.
Rumors of an IPO have circulated since fall of last year 2015, and Mark Fennell, the NZ Super Fund’s acting chief investment officer, was quoted in a Rubicon press release in May that the company was "pre-IPO."
Rubicon Global employs 278 people in Atlanta, San Francisco and New York City.
