Ride app Hailo shutting down in North America

Taxi app company Hailo is shutting down operations in Chicago and pulling out of North America.

Chief executive Tom Barr said a price war between rideshare companies Uber and Lyft made markets in the U.S. and Canada unprofitable for the London-based company. Hailo will look to expand in Europe and Asia.

“It’s not that we aren’t growing there, but the profitability of the market and the type of environment [that other taxi-app companies] are setting up – both on the driver and passenger side – ceased to make sense to us,” Barr told The Financial Times, which first reported the shut down.

In addition, Hailo announced co-founder Jay Bregman is leaving the company.