Press Release - 19th January 2023
Platform plus technology services deal creates powerful, networked ecosystem that benefits the independent licensed taxi and private hire industry, end-to-end
The independent operators who own Cab Guru have made a further investment in the licensed private hire industry, enabling them to acquire Cordic Technology (‘Cordic’). The deal brings Cab Guru’s acclaimed customer and fleet management platform and Cordic’s cutting-edge fleet management and despatch systems under one roof. The new holding company is called CabFusion. Under the deal, both Cab Guru and Cordic will continue to operate as separate business units – delivering established high levels of service to independent operators – while working together to deliver greater collaboration 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 provides 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. This will greatly reduce dead mileage for drivers and the integration will deliver a better customer experience for passengers, characterised by shorter wait times and pickups as promised.
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. Crucially, the infrastructure for building a single, virtual pool of fleets is system-agnostic by design, able to connect fleets running any fleet management system through API connectivity. And although the companies are coming together under the CabFusion holding company, customers of both businesses can be assured that their data will remain as safe and secure as it always has been.
Idris Davies, Chief Executive Officer of Cordic, commented: “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 inspire and 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.