Global logistics provider and shipping line, Wallenius Wilhelmsen, has signed a deal to buy 70% of US automated logistics provider and broker, Syngin Technology for $22m.
Syngin, which currently operates in the US and Canadian markets, provides an online marketplace for the distribution of used vehicles that are used by fleet leasing and remarketing companies. The digital marketplace matches those companies with transport providers and repair centres.
“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. “With Syngin we boost our digital capabilities, setting us up to support the changes we see in our customers' needs for the future.”
The agreed purchase price of $22m will rise if performance in 2018 exceeds certain threshold targets. As such, the expected purchase price for Syngin is expected to reach $30m.
Wallenius Wilhelmsen consists of Wallenius Wilhelmsen Ocean, Wallenius Wilhelmsen Solutions, Eukor and ARC.