W.A.G. payment solutions, also known by the Eurowag brand (EW), a leading provider of road mobility payment solutions in Europe has today announced its finalisation of the purchase of Princip which is the largest entity on the telematics service market for freight and passenger vehicles in the Czech Republic. The transaction, the financial terms of which neither party wished to disclose publicly, will see W.A.G. payment solutions penetrate onto the fast growing field of telematics services. Telematics systems provide fleet administrators with online details about the running and status of vehicles, evaluate data and facilitate exchanges with other systems (navigation, speedometers etc.). It also makes managing fleet easier and allows for huge savings in terms of operational costs (up to 30%).
Following the acquisition, Eurowag promises to achieve synergy effects in the product field and immediately acquire a significant portfolio in the segment of customers with passenger vehicle fleet. “Merging telematics systems with data on fuel and toll consumption, as well as other operational systems, allow us to provide customers with a completely new level of security and comfort when managing and running the fleet,” W.A.G. payment solutions founder and CEO, Martin Vohánka reveals, adding: “Purchasing Princip is in keeping with our longstanding strategy to be a key partner to fleet operators which we are doing by delivering smart and comprehensive solutions in the area of road mobility.”
In terms of gains for Princip, this transaction affords them the unique opportunity to break into foreign markets with their products. “Merging with W.A.G. payment solutions offers our business a completely new dimension on both the Czech market but above all abroad. As a result we get an unprecedented synergy of products and services in the field of transport telematics,” board member of Princip, Marie Vejvodová reveals.
The transaction involved purchasing 100% shares in Princip and Hi software, its main supplier of front-end solutions.
About W.A.G. payment solutions, a.s.
Acting under the Eurowag (EW) brand, W.A.G. payment solutions ranks among the 6 largest European providers of payment solutions for road mobility. Eurowag customers comprise professional transport companies and hauliers and now also companies operating passenger fleet. More than 250 thousand drivers from all over Europe rely on Eurowag for their payment solutions. In 2016 Eurowag’s turnover exceeded 25 billion Crowns. On an annual basis, the company achieves longstanding growth of 25%.
Eurowag was set up in 1996. The company is based in Prague with regional representation in Austria, Bulgaria, Hungary, Poland, Romania, Slovakia, Serbia, Macedonia, Spain, Portugal, Slovenia, Turkey, Estonia, Lithuania, Italy and Ukraine. Further information can be found on www.eurowag.com.
Martin Vohánka, who founded the business and manages it to this day, has majority ownership of the company. In January 2016, 33% shares of W.A.G. payment solutions was acquired by American business TA Associates, one of the largest private investment companies in the world. More information about TA Associates can be found on www.ta.com.
About Princip, a.s.
Princip is the dominant provider of web services for monitoring, management and optimization of fleet in the Czech Republic. Along with automotive electronics, its unique software solution offers a daily tool for enhancing the efficiency of operating fleet for more than 70 thousand vehicles, 4,000 private companies and state institutions. The company was set up by Vladimír Vejvoda in 1991 and is based in Prague.