Wallenius Wilhelmsen has signed an agreement to acquire 70% of Syngin Technology LLC. Currently operating in the US and Canadian market, Syngin provides automated logistics solutions for disposition of used vehicles through an electronic marketplace. The acquisition of Syngin marks the entry into the Full Life Cycle Logistics space for Wallenius Wilhelmsen.
Syngin tries to streamline the movement of vehicles handled by fleet leasing companies and remarketers to auction houses. This is achieved 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 attempts to create efficient and cost-effective transportation for the fleet vehicles.
The addition of Syngin into the Wallenius Wilhelmsen family provides an opportunity to scale the WW Solutions by selling to new customers and new locations, allowing it to develop and deploy digital solutions to help customers manage their business.
The current owners of Syngin will maintain an ownership stake of 30% and stay highly involved in the business for the foreseeable future.
Source: Wallenius Wilhelmsen
