Bestpass announced Tuesday that it has acquired truck safety and risk management platform Fleetworthy Solutions, intending to create a one-stop shop for truck toll payments, compliance and safety needs.
Albany, New York-based Bestpass is a technology company that provides toll management services to more than 30,000 owner-operators and commercial fleet customers. The company, founded in 2001, processes over $1.5 billion in toll transactions annually, according to a news release.
“We know fleet and driver safety is a top priority with our customers. … It’s why we sought collaboration with a premier provider to incorporate safety and compliance solutions into our comprehensive range of services,” Tom Fogarty, CEO of Bestpass, said in a statement. “Fleetworthy emerged as the ideal partner, and we eagerly anticipate the valuable contributions this integrated offering will make for our customers.”
Fogarty said the Fleetworthy Solutions acquisition also allows Bestpass to expand its customer base and geographic reach by offering Fleetworthy’s solutions to its existing and new clients.
Madison, Wisconsin-based Fleetworthy Solutions was founded in 1983 and provides Department of Transportation safety and regulatory compliance services for the transportation industry. The company offers services such as vehicle and driver safety compliance and audit support.
Michael Precia, president and CEO of Fleetworthy, said he has been impressed with Bestpass’ growth and success.
“By combining our complementary strengths and capabilities, we will be able to offer a unique and powerful solution that will help our customers go beyond compliance and achieve optimal outcomes for their fleets,” Precia said in a statement. “We look forward to working with the Bestpass team to create an industry leader and more powerful and comprehensive solution set.”
The terms of the acquisition were not disclosed. Both companies will continue to operate under their respective brands. Raymond James and DC Advisory acted as financial advisers to Fleetworthy.
In June, Bestpass received a $100 million minority investment from Insight Partners to expand its toll solutions for commercial fleets and owner-operators. Last year, Bestpass also acquired ExpressTruckTax, an e-filing system for truckers, fleet owners and tax preparers.
Bestpass was also recently named to the 2024 FreightTech 100 by FreightWaves, which recognizes the most innovative companies in the commercial transportation industry.
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