Bestpass Acquires Fleetworthy Solutions
Powerhouse forming to help fleets meet their compliance and back-office requirements in a simple and effective tech-powered solution
ALBANY, N.Y., Nov. 28, 2023 – Bestpass, the leading toll management and payment platform for commercial vehicles, announced today that it has acquired Fleetworthy Solutions, a provider of fleet safety, compliance, and risk management solutions. Bestpass will now offer a comprehensive suite of services that cover all aspects of tolling, compliance, and safety for commercial fleets of all sizes.
The acquisition will allow Bestpass to provide a one-stop shop for fleets for all tolling, compliance, and safety needs of commercial fleets leveraging Fleetworthy's expertise and technology to enhance its platform with the integration of Fleetworthy services. Bestpass will also be able to expand its customer base and geographic reach by offering Fleetworthy's solutions to its existing and new clients. The combined company will have a strong competitive advantage in the market, as it will be able to provide a powerful set of dashboards and analytics for fleet compliance, safety and operations.
Bestpass, founded in 2001, covers 100% of major toll roads across the U.S., supports more than 30,000 customers, and processes over $1.5 billion in toll transactions annually. Bestpass offers a range of toll coverage options for owner-operators, regional fleets, and national fleets, as well as customized solutions for specific needs.
Fleetworthy Solutions, founded in 1983, is a leading provider of fleet management and compliance solutions for the transportation industry. Fleetworthy’s cloud-based solution, CPSuite, is the most powerful compliance software in the industry, combining seamless technology, reliable data, and knowledgeable people. It also offers related compliance focused services including vehicle and driver safety compliance, audit support, and extended fleet services, all aimed at helping clients exceed state and federal standards.
“We’re thrilled to welcome Fleetworthy to the Bestpass family,” said Tom Fogarty, CEO of Bestpass. “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. Fleetworthy emerged as the ideal partner, and we eagerly anticipate the valuable contributions this integrated offering will make for our customers.”
“The combination is a strategic move that will offer a more comprehensive and integrated solution to customers while also expanding our market opportunity,” said Fogarty. “Fleetworthy and Bestpass share the vision of simplifying and streamlining the complex and ever-changing challenges of tolling, compliance, and safety for commercial fleets. Together, we will be able to deliver more value and innovation to our customers and the industry.”
“Fleetworthy is excited to join forces with Bestpass, a leader and innovator in the toll management space,” said Michael Precia, President and CEO of Fleetworthy. “We have been impressed by Bestpass' growth and success, and we share their commitment to customer satisfaction and excellence. 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 compliant and achieve optimal outcomes for their fleets. We look forward to working with the Bestpass team to create a industry leader and more powerful and comprehensive solution set.”
The terms of the acquisition were not disclosed, and the transaction has already closed. Both companies will continue to operate under their respective brands. Raymond James and DC Advisory acted as financial advisors to Fleetworthy.
About Bestpass: Bestpass is a comprehensive payment platform provider and leader in toll management solutions for commercial fleets of all sizes. Bestpass saves fleets time and money by consolidating payments and providing insight into cost per vehicle. Founded in 2001 by truckers for truckers, Bestpass is a trusted partner on the road and in the back office for customers and tolling authorities. To learn more, visit www.bestpass.com.
About Fleetworthy: Fleetworthy Solutions, Inc. provides DOT safety and regulatory compliance services to commercial fleets that take them Beyond Compliant. Fleetworthy combines exceptional client service, advanced technologies, and more than 40 years of transportation industry expertise to make sure that drivers and assets are truly fleetworthy. The company helps private fleets, for-hire carriers and third-party logistics companies of all sizes surpass compliance of federal, state, and local regulations and streamline processes to reduce costs and mitigate risks.
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