Wallenius Wilhelmsen has signed an agreement to acquire 70% of Syngin Technology LLC, a leading provider of automated logistics solutions for disposition of used vehicles through an electronic marketplace currently operating in the US and Canadian market.
A foundation for the future
The acquisition of Syngin marks the entry into the Full Life Cycle Logistics space for Wallenius Wilhelmsen and lays a solid foundation to meet customers evolving needs.
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“The future of logistics lies in combining digital services, physical assets and a deep understanding of logistics flows. With Syngin we boost our digital capabilities, setting us up to better support the changes we see in our customers’ needs for the future”, says Craig Jasienski, President and CEO of the Wallenius Wilhelmsen group.
Syngin streamlines the movement of vehicles handled by fleet leasing companies and remarketers to auction houses through a virtual marketplace that matches these stakeholders with transportation providers and repair centres.
Using a holistic value chain approach and applying re-engineered processes coupled with an integrated software platform, the system enables highly efficient and cost-effective transportation for the unified eco-system around used fleet vehicles.
The combined strength to scale
The addition of Syngin into the Wallenius Wilhelmsen family represents a significant opportunity to scale the WW Solutions offering to new customers and new locations.
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It is also an important step in realizing WW Solutions’ ambition to develop and deploy digital solutions to help customers manage their business better, faster and smarter.
Looking at the full lifecycle
“I am thrilled about the acquisition of Syngin”, says Ray Fitzgerald, COO of WW Solutions.
“In late 2017 we announced an ambitious strategy to offer ‘full lifecycle logistics’ services and now six months in we have made our first acquisition in this space. The joint capabilities of WW Solutions and Syngin represent a unique opportunity for development both before and after the vehicle’s first point of sale", he adds.
The current owners of Syngin will maintain an ownership stake of 30% and stay highly involved in the business for the foreseeable future.