Cab Guru acquires Cordic to form new company called CabFusion
Independent operators Cab Guru have acquired Cordic Technology (‘Cordic’) to form a new company called CabFusion.
The deal brings Cab Guru’s customer and fleet management platform and Cordic’s fleet management and despatch systems together under one roof.
Under the deal, both Cab Guru and Cordic will continue to operate as separate business units while working together collaboratively across the industry.
Joe Polley, Chairman of Cab Guru, and Phil Bailey, Vice Chairman of Cab Guru, said: “Our mission is to establish a national services and technology business for independent licensed private hire fleets and provide an open, national marketplace with unrivaled reach. Our partnership provides fleets with a network which will enable them to protect their position in a highly competitive market. At the same time, and whichever part or parts of our company they work with, operators are of course entirely free to choose the technology and platforms that are right for their businesses.”
CabFusion will look to provide independent fleet operators with a one-stop shop to drive efficiencies and economies of scale into both the fleet and customer side of the UK licensed private hire sector. By creating a single, integrated provider of all necessary platform and technology services for the industry, CabFusion aims to create a unified virtual pool of fleets – all working together through a national network, delivering an improved product and service.
Both companies already have a strong presence in London and other key strategic towns and cities across the UK, and the new partnership aims to generate genuine nationwide coverage. At the time of the deal, CabFusion supports fleets with a combined total of 15,000 vehicles nationwide.
Idris Davies, Chief Executive Officer of Cordic, said: “I’m really excited about this deal. Of course, the services that both companies provide to current clients will remain unaffected. Where the great future potential lies is in our infrastructure, connecting fleets running on any underlying operating system. CabFusion’s vision for the long-term future of the industry puts all the power in the hands of the operators, who are free to decide how they run their business, including which platforms and software services are right for them. We’ve done this deal to better serve the interests of independent operators across the country.”
To further support independent operators, CabFusion is inviting further investment from across the industry, alongside committed investment from existing shareholders. This is designed to reinforce CabFusion as a business owned by independent operators, working with their interests front and centre – not purely a tech company. This new investment will fund product, platform, and service development for both Cab Guru and Cordic, engagement with the industry, and sales and marketing.
