Norwegian vehicle logistics provider Wallenius Wilhelmsen has entered into an agreement to acquire 70% of the membership interest in US logistics solution provider Syngin Technology for an initial purchase price of $22m.
Syngin is a provider of automated logistics solutions for disposition of used vehicles through an electronic marketplace currently operating in the US and Canadian market.
Wallenius Wilhelmsen said the acquisition of Syngin marks the company’s entry into the full life cycle logistics space and lays a solid foundation for growth and the company believes the combined strength of the two firms represents a significant opportunity to scale the business.
“The future of logistics lies in combining digital services, physical assets and a deep understanding of logistics flows. With Syngin we boost our digital capabilities, setting us up to better support the changes we see in our customers’ needs for the future,” said Craig Jasienski, president and CEO of the Wallenius Wilhelmsen Group.