Ride Systems, LLC and DoubleMap, Inc Merge to Form Journey Holding Corp.

SALT LAKE CITY and INDIANAPOLIS, Jan. 15, 2019 /PRNewswire/ -- Ride Systems, LLC and DoubleMap, Inc today announced a merger of the two companies into Journey Holding Corp., now considered the largest intelligent transportation system provider in North America. Journey Holding Corp. provides a portfolio of technology services in over 700 locations and offers unrivaled reach to public transit riders.

In the past 10 years, the public transportation industry has seen a shift in its passenger base to include a more tech-savvy, app-centric customer who seeks on-demand services at the push of a button. Customers have come to expect real-time GPS tracking 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 crucial technology infrastructure needed to meet this demand.

"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, Chief Executive Officer of Ride Systems. "We are fortunate to have talented teams within both companies, and we look forward to working together toward future success."

Journey Holding Corp. has announced the following members to its executive team:

• Justin Rees (CEO of Ride Systems & Journey Holding Corp.)
• Aimee Ferrin (COO of Ride Systems & Journey Holding Corp.)
• Ilya Rekhter (CEO of DoubleMap & Co-President of Journey Holding Corp.)
• Peter SerVaas (President of DoubleMap & Co-President of Journey Holding Corp.)
• Megan Dixon (Chief of Staff for DoubleMap & Journey Holding Corp.)
• Eric Jiang (CTO of DoubleMap & Journey Holding Corp.)

Both Ride Systems and DoubleMap will continue operating semi-independently under the umbrella of the newly formed Journey Holding Corp. The new holding company will maintain operations out of the current headquarters for both Ride Systems and DoubleMap with newly appointed CEO Justin Rees, being based out of the Ride Systems headquarters in Salt Lake City, Utah.

"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 Ilya Rekhter, CEO of DoubleMap.

This merger will result in the largest number of client locations offering real-time passenger information (RPTI) from one system.  The combined entity expects total revenue for 2019 of up to $20 million and accelerated growth in the years to come.

Studies suggest that multimodality and intermodality are expected to accelerate the demand-responsive transit (DRT) market from $2.8 billion in 2017 to $551.61 billion in 2030.

"We are very excited about the combined business, Journey Holding Corp., becoming the leader in the dynamic mobility landscape," said Peter SerVaas, Founder and President of DoubleMap. "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, carsharing, autonomous vehicles and future mobility solutions."

For more information, please visit journeyholdingcorp.com.

About DoubleMap, Inc:

DoubleMap, based in Indianapolis, Indiana, is a software company providing automatic vehicle location services to municipalities, universities, airports, hospitals, and corporate fleets including Fortune 500 companies. Through TapRide, DoubleMap's uber-like technology solution, DoubleMap was the first to deliver municipal first-mile/last-mile and microtransit solutions and remains the current market leader. DoubleMap's software solutions and partners include fixed-route, on-demand, first-mile and last-mile, multimodal and electronic fares.

About Ride Systems, LLC:

Based outside Salt Lake City, Utah, Ride Systems is a software company providing real-time vehicle tracking solutions. Since 2007, Ride Systems has grown to support clientele in over 500 locations across the United States, including transit agencies associated with municipalities, universities, medical centers, employee shuttles, airport shuttles and additional fleet tracking operations. Ride Systems maintains a full range of products including hardware and software for GPS tracking for administrators and the public, passenger counting, vehicle inspection, automatic voice announcements, on-demand pick-up dispatching and online reporting.

SOURCE Ride Systems