GPS providers Synovia and Everyday Solutions have signed a definitive agreement to merge and operate under the name Synovia Solutions, the companies announced.
The new company will offer the student transportation industry a broad set of GPS-driven solutions. A company spokeswoman said the merger positions the former competitors to become a "powerhouse" in the fleet transportation marketplace, as Synovia and Everyday combined represent 60,000 school buses nationwide.
Currently, only about 35 percent of the national fleet of roughly 480,000 school buses is utilizing GPS, which she added provides plenty of new opportunities for Synovia Solutions as well as its competition. The company also said it is "business as usual" for current customers of both Synovia and Everyday Solutions.
"Current customers will find the merger to be a seamless transition: For our customers on both sides, it is business as usual. Customers will now benefit from the broadest set of GPS-driven enterprise solutions for electronic fleet management," the company said in a statement. "In addition, we offer a broader menu of ways to acquire the solution, coupled with an industry-unique SynsuranceTM set of guarantees."
Jon King, CEO of the new Synovia Solutions and formerly the CEO of Synovia, said in a statement the merger will combine products, resources and staff to provide electronic school transportation management to districts nationwide with "a comprehensive set of solutions that is unmatched in the industry."
"The merger is expected to provide synergies in both product development and distribution by leveraging innovations formulated within each company," added King. "It is remarkable what these two companies have created independently over the course of the last two years."
King said financial backing of the deal is provided by Fontinalis Partners, a strategic investment firm that focuses exclusively on technology companies that are specializing in "redefining next-generation mobility." Fontinalis Partners is led by founding partner Bill Ford, who is also the executive chairman of Ford Motor Company.
Synovia Solutions will specialize in offer enterprise solutions such as: real-time GPS tracking with key performance indicators and "tight" integration with route planning; driver and rider attendance applications; pre- and post-trip inspections; engine diagnostics; bus navigation; and parent notification systems.
The company added that these solutions will reduce operational inefficiencies to eliminate unnecessary spending and to enable on-time arrival of buses to maximize educational opportunities for students.
"This merger accelerates our mission to transform the management of fleet operations for K-12 organizations so that the savings from operations can be applied to student achievement initiatives," said Don Wallrooth, chairman of Synovia Solutions and formerly the president and CEO of Everyday Solutions.
Wallroth added that, by utilizing Synovia Solutions, student transporters can extend K-12 budgets by 10 to 15 percent annually.
Meanwhile, Synovia Solutions also announced that Ken Pryde will remain on as chief financial officer. Thomas Polan, previously vice president of technology for Synovia is now chief technology officer, and Bill Westerman, formerly of Everyday Solutions, is the vice president of sales and marketing.