Commercial transportation nonprofit PrePass Safety Alliance has acquired business process outsourcing company CVO Holding Co. LLC.
As part of the transaction, CVO will operate as a separate but wholly owned subsidiary of PrePass. The company was previously held by a series of companies, including Lockheed Martin, Xerox and Conduent before becoming a standalone company in 2018 when it was acquired by infrastructure investor Alinda Capital Partners.
CVO provides technology solutions to the trucking industry from the earliest use of RFID technology to facilitate weigh station bypassing to the latest developments in connected commercial motor vehicle and electronic toll payment systems.
CVO was involved in the 1993 launch of the PrePass weigh station bypass – the alliance’s premier technology, which has provided over one billion safe bypasses of open weigh facilities, saving the trucking industry over 405 million gallons of fuel and $7.9 billion in operating costs, according to the company.
“This is the perfect match of two organizations that introduced the concept of connected vehicle technology to the trucking industry and have led the way ever since. CVO has supported PrePass from its inception, helping grow the program into America’s leading weigh station bypass service,” said Mark Doughty, president and CEO of PrePass Safety Alliance. “The alliance views this strategic acquisition as an exciting opportunity to better serve its state and industry partners while fulfilling our non-profit mission to make highways safer and more efficient through innovative, data-driven solutions.”
CVO has provided technology and support to PrePass for nearly 30 years over which time PrePass has also helped reduce truck-related pollution by more than 905,000 metric tons or the equivalent of taking 161,000 automobiles off the road.
More than 105,000 motor carriers subscribe more than 700,000 trucks to PrePass bypass and electronic toll payment services.