Wallenius Wilhelmsen, the global finished vehicle logistics provider, has signed an agreement to acquire 70% of Syngin Technology, LLC. The current owners will maintain an ownership stake of 30% and will be involved in the business for the foreseeable future
"The future of logistics lies in combining digital services, physical assets and a deep understanding of logistics flows," said Craig Jasienski, President and CEO of the Wallenius Wilhelmsen group. "With Syngin we boost our digital capabilities, setting us up to better support the changes we see in our customers’ needs for the future.”
Syngin focuses on automated solutions for disposition of used vehicles through an electronic marketplace currently operating in the US and Canadian market. It 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 acquisition of Syngin marks the entry into the "Full Life Cycle Logistics Space" for Wallenius Wilhelmsen. The combined strength of Wallenius Wilhelmsen Solutions and Syngin represents a significant opportunity to scale the business, not only within the current scope, but also into adjacent customers and geographies, stated WWL. It is also an important step in realiszing WW Solutions’ ambition to develop and deploy digital solutions to help customers manage their business better, faster and smarter.
Ray Fitzgerald, COO of WW Solutions, said: "In late 2017 we announced an ambitious strategy to offer Full Life Cycle Logistics services and 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 growth both before and after the vehicle’s first point of sale."