Valsoft reinforces global car rental management leadership with acquisition of Thermeon Worldwide Limited
MONTREAL, Nov. 21, 2018 (GLOBE NEWSWIRE) — Valsoft Corporation Inc. (“Valsoft”), a Montreal-based company that specializes in the acquisition and development of vertical market software businesses, is pleased to announce the acquisition of Thermeon Worldwide Ltd (“Thermeon”), a global industry-leading provider of car rental software headquartered in the UK with regional offices in the United States and Australia. Under the agreement, Valsoft will acquire Thermeon’s assets, including its brand name, CARS+.
CARS+ provides the tools to manage the rental process from quotation and accounting to signature capture and credit card processing. CARS+ is used worldwide by most leading multinational brands and trusted local companies, at service counters, in fleet management, accounting, corporate management, and, most importantly, in Web and mobile customer interfaces.
Thermeon, which was launched in 1967 under the guidance of Rollo Pickford, celebrated its 50th birthday in 2017. In the early 1990s, Terry Pearson and Robin Redmile-Gordon became distributors of CARS+ in the APAC and EMEA regions respectively, working closely with Scott Sampson and the Thermeon team in the U.S. to develop and expand the functionality and reach of CARS+. In 2016, the three regions united to form a single global company.
“Thermeon has always been built on outstanding customer service. Our customers and our global team are our most treasured assets, as well as our most important responsibilities,” stated Robin Redmile-Gordon, Thermeon’s chairman. “When considering new ownership, we wanted to join someone who would put those two groups front and centre. We believe Valsoft is exactly the right company to uphold our precious reputation and carry on that proud tradition.”
The entire Thermeon management team will continue to lead the business under Valsoft’s ownership, maintaining its high customer service standards and comprehensive suite of products. In addition, Valsoft is committed to investing substantially in the car rental industry to drive innovation and digital transformation.
“We are thrilled to welcome Thermeon’s dedicated employees and loyal customers into the Valsoft family. Joining forces with Thermeon has enabled us to achieve an incredible milestone: to expand and reinforce our position as global market leader in the car rental software industry,” said Michael Assi, CEO of the Travel and Leisure division at Valsoft. “Thermeon and Valsoft share the same values: a passion for innovation, world-class customer experience and a desire to grow.”
For more than 40 years, Thermeon has been a global source of knowledge and best practices in the car rental industry. Our powerful and innovative car rental software solutions support operators worldwide, delivering high-quality vehicle hire systems that help both global and independent businesses to maximise revenue and drive sales.
CARS+ is at the core of Thermeon, providing the fastest complete car rental system on the market. Our customers and partners span 40 countries across six continents and provide a trusted source of skills in the car rental market. With offices in Europe, The Americas and Australia, the Thermeon global team specializes in building the right systems for any fleet size and budget.
About Valsoft Corporation:
Valsoft Corporation acquires and develops vertical market software companies, enabling each business to deliver the best mission-critical solutions for customers in their respective industry or niche.
A key tenet of Valsoft’s philosophy is to invest in well-established businesses and foster an entrepreneurial environment that shapes a company into a leader in its respective industry. Unlike private equity and VC firms, Valsoft does not have a predefined investment horizon and looks to buy, hold, and create value through long-term partnerships with existing management and customers.
Valsoft Corporation was represented internally by David Felicissimo, General Counsel & Aude Florin, Legal Counsel and external counsel Caroline Harwood of Rooney Nimmo. Thermeon Worldwide Limited was represented by Bryan Bletso and Charlie Milsom of Irwin Mitchell LLP.
Leeja Murphy, Agence Pink