Morgan-based Ride Systems LLC and DoubleMap Inc. of Indianapolis, Indiana, have merged their vehicle-tracking software companies to form Journey Holding Corp. The new firm is now considered the largest public transit tracking system provider in North America, according to a release from the new joint venture. The merging firms now supply services for public transit riders in over 700 cities.{mprestriction ids="1,3"}
“The combining of our two companies presents an amazing opportunity to gain majority market share as well as afford us the unparalleled capability of reaching transit riders everywhere,” said Justin Rees, CEO of Ride Systems. “We are fortunate to have talented teams within both companies and we look forward to working together toward future success.”
According to Rees, in the past 10 years, the public transportation industry has seen a shift in its passenger base to include a more tech-savvy, app-using customer who seeks on-demand services at the push of a button. Customers have come to expect real-time GPS tracking of arriving busses as well as accurate arrival times, and as a result, more cities and transit operators are turning to computer-aided dispatch systems like DoubleMap and Ride Systems to provide the technology infrastructure needed to meet this demand.
Both Ride Systems and DoubleMap will continue operating semi-independently under the umbrella of the newly formed Journey Holding Corp. Rees will retain his title as CEO of Ride Systems and has been named CEO of Journey Holding. Aimee Ferrin will be chief operating officer of Ride Systems and Journey Holding. Ilya Rekhter, CEO of DoubleMap, will become co-president of Journey Holding along with Peter SerVaas, founder of DoubleMap, who continues as its president. Megan Dixon will be chief of staff and Eric Jiang will be chief technology officer for DoubleMap and Journey Holding.
“This transaction will enable both companies to collaborate on innovation and ultimately make it easier for the average person to move about their day without needing to own a car,” said Rekhter.
“We are very excited about the combined business, Journey Holding Corp., becoming the leader in the dynamic mobility landscape,” said SerVaas. “Ride Systems has a proven operational track record and DoubleMap has an unparalleled commitment to innovation and an eye for potential future strategic opportunities. The new company is positioned for growth in an era of electric scooters, car-sharing, autonomous vehicles and future mobility solutions.”{/mprestriction}
