Telematics group announces US acquisition as organic growth continues
Crewe based Radius Payment Solutions, the group behind the telematics and fuel card brands Kinesis and UK Fuels, has acquired US telematics supplier CyntrX, for an undisclosed sum.
Based in De Pere, Wisconsin, CyntrX enables fleet managers across North America to enhance their fleet management capabilities via an intuitive, mobile-friendly telematics platform.
The acquisition of CyntrX follows recent deals by Radius to further extend its global telematics portfolio with the purchase of two UK-based fleet tracking and vehicle camera solution providers, Sure-Track and Plant-I, to add to existing brands UK Telematics and Kinesis.
Earlier this year Radius was recognised as one of the UK’s largest private companies and ranked 19th in the 2019 Sunday Times HSBC Top Track 100 list, having seen turnover grow to £2.5bn in 2019.
This latest acquisition brings the total number of tracked vehicles and assets to 175,000, making the company one of the fastest growing telematics companies in the world, having only started selling in 2015.
Bill Holmes, Radius chief executive, said: “The acquisition of CyntrX brings to life our ambitions in North America, with a like-minded company which has a real focus on developing well-supported, user-friendly products for customers.
“Through this acquisition we will be able to leverage our combined knowledge of the telematics sector which presents a great opportunity for us to continue to grow quickly. We were particularly impressed with the comprehensive suite of products and services offered by CyntrX.”
Greg Taisto, president and chief executive of CyntrX, said: “Bill and the Radius team bring incredible resources and global influence on our North American footprint. We are excited to combine our domain expertise with Radius and architect telematics solutions that will scale across platforms, industries and continents.”
Now a key global telematics and fleet solutions player providing an array of products and services to more than 300,000 customers, the Radius group employs in excess of 1,400 people across 26 worldwide offices and recently opened a state-of-the-art 66,000ft campus headquarters in Crewe.
“We are very excited about this partnership and the fact that CyntrX will now be a global company,” said Lisa Taisto, joint owner and chief operating officer of CyntrX.
“After 15 successful years, joining such a distinguished organisation as Radius is a fantastic move for all of us and we are extremely confident that we can achieve some monumental things alongside our new colleagues.”
Radius was advised by EY and DLA Piper on financial and legal due diligence, respectively. MVP Capital Advisors served as exclusive financial advisor to CyntrX on this transaction.
