Reynolds jumps into fleet management software business with acquisition

Reynolds and Reynolds Co. has acquired TSD Mobility Solutions, a global software company founded more than 40 years ago focused on fleet management software and services.

Neither side disclosed financial terms.

Reynolds, of Dayton, Ohio, is a provider of dealer management system software, services and forms. TSD, of Boston, offers fleet mobility software and services for more than 16,000 dealerships and 3,000 car rental companies in 92 countries on six continents. Hertz and Enterprise are two of its biggest clients. Launched in 1983, TSD was co-founded and previously run by Charles Grieco, who is no longer connected with the company.

Reynolds sees the acquisition as a synergistic one that taps into evolving customer needs, according to Kasi Edwards, the company's senior vice president of strategy and corporate development.

"As convenience and customer experience remain a key focus for dealers and OEMs, the importance of fleet management is continuing to grow," Edwards said in a statement. "TSD is the leader in this space and the rental car space, and we couldn't be more excited about the future of TSD with Reynolds."

Shawn Concannon, TSD president since January 2022, will continue in his role after the acquisition. Reynolds plans to keep TSD's roughly 115 employees, and the company will operate independently, Reynolds said.

Concannon told Automotive News that TSD is hoping to tap into "a lot of ongoing growth and synergies" with the acquisition.

"These guys have got an immense amount of business opportunities and businesses they currently have under their family tree that align very nicely with TSD and both areas that we operate in," Concannon said.

Concannon said he sees TSD now being "able to really grow quite extensively in the arena of telematics and more multiuse scenarios for dealers as transportation outlets in the future."

Beyond TSD, Reynolds and Reynolds-owned Auto Data Direct acquired two companies in May — USA ELT, an electronic lien and titling service, and Florida ETR, a print-on-demand temporary tag provider for automotive and specialty dealers. In March, Auto Data Direct acquired Opus VTR, a vehicle titling and registration service provider.

In 2023, Reynolds acquired companies including American Guardian Warranty Services of Chicago, which provides vehicle service contracts, limited warranties and additional finance and insurance products. Reynolds also bought DealerCorp Solutions, a Canadian software company and partner that provides digital retailing tools to dealerships, and AutoVision, a California-based DMS technology startup that uses artificial intelligence-driven vehicle acquisition technology to help retailers sell more used cars.

Excluding the TSD acquisition, Reynolds currently employs 6,000 people globally.