UK based Radius Payment Solutions, the group behind the telematics and fuel card brands Kinesis and UK Fuels, has acquired US telematics supplier CyntrX.
Based in De Pere, Wisconsin, CyntrX enable fleet managers across North America to enhance their fleet management capabilities via an intuitive, mobile-friendly 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 recognized as one of the UK’s largest private companies and ranked 19th in the 2019 Sunday Times HSBC Top Track 100 list, which ranks Britain’s 100 private companies with the biggest sales, having seen turnover grow to £2.5 billion in 2019.
This latest acquisition by Radius 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.
Formed in 2004, CyntrX offers a range of telematics products including Advanced Reporting & Analytics, Fuel Tax Reporting, Professional Services, Safety & Compliance and an FMCSA registered electronic logging device solution (ELD) that is the preferred choice for fleet managers seeking simple and affordable ELD compliance.
Bill Holmes, Chief Executive of Radius, 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 CEO of CyntrX, commented: “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 over 300,000 customers, the Radius group employs over 1,400 people across 26 worldwide offices.
"We are very excited about this partnership and the fact that CyntrX will now be a global company! After 15 successful years joining such a distinguished organization 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," added Lisa Taisto, Joint Owner and COO of CyntrX.
Radius were 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.
