Reynolds, a Dayton, Ohio-based dealership management system provider, did not disclose a transaction price. Leaders of the two companies said they began speaking about a potential acquisition in March.
Reynolds' deal to buy Proton comes as its dealership customers weigh how to comply with amended cybersecurity and IT guidance the Federal Trade Commission handed down in October. The FTC has set a Dec. 9 compliance deadline for dealerships to adopt its Safeguards Rule amendments. That weighed into the decision to step up services in that area, Reynolds President Chris Walsh said.