DoubleMap and Ride Systems form Journey Holding Company

Jan. 16, 2019
The new holding company will offer microtransit and fixed route software intelligence solutions to the passenger transportation industry.

Ride Systems, LLC and DoubleMap, Inc., have formed Journey Holding Corp. and appointed an executive team to run the new company, which will provide intelligent transportation systems to the North American passenger transportation market.

"The combining of our two companies presents an amazing opportunity to gain majority market share as well as afford us the unparalleled capability of reaching transit riders everywhere," said Justin Rees, CEO of Ride Systems. "We are fortunate to have talented teams within both companies and we look forward to working together toward future success."

In a joint statement, the companies said, "In the past 10 years, the public transportation industry has seen a shift in its passenger base to include a more tech-savvy, app-centric customer who seeks on-demand services at the push of a button. Customers have come to expect real-time GPS tracking as well as accurate arrival times, and as a result, more cities and transit operators are turning to computer aided dispatch systems like DoubleMap and Ride Systems to provide the crucial technology infrastructure needed to meet this demand."

Along with the formation of the new holding company, new executive leadership has been named including: 

  • Justin Rees (CEO of Ride Systems & Journey Holding Corp.)
  • Aimee Ferrin (COO of Ride Systems & Journey Holding Corp.)
  • Ilya Rekhter (CEO of DoubleMap & Co-President of Journey Holding Corp.)
  • Peter SerVaas (President of DoubleMap & Co-President of Journey Holding Corp.)
  • Megan Dixon (Chief of Staff for DoubleMap & Journey Holding Corp.)
  • Eric Jiang (CTO of DoubleMap & Journey Holding Corp.)

"This transaction will enable both companies to collaborate on innovation and ultimately make it easier for the average person to move about their day without needing to own a car," said Ilya Rekhter, CEO of DoubleMap.

The companies cite studies that suggest multimodality and intermodality are expected to accelerate the demand-responsive transit market from $2.8 billion in 2017 to $551.61 billion in 2030. They also note that the merger will result in the largest number of client locations offering real-time passenger information from one system. 

"We are very excited about the combined business, Journey Holding Corp., becoming the leader in the dynamic mobility landscape," said Peter SerVaas, founder and president of DoubleMap. "Ride Systems has a proven operational track record and DoubleMap has an unparalleled commitment to innovation and an eye for potential future strategic opportunities. The new company is positioned for growth in an era of electric scooters, carsharing, autonomous vehicles and future mobility solutions."

The combined entity expects total revenue for 2019 of up to $20 million and accelerated growth in the years to come. Both Ride Systems and DoubleMap will continue operating semi-independently under the umbrella of Journey Holding Corp. The new holding company will maintain operations out of the current headquarters for both Ride Systems and DoubleMap with newly-appointed CEO Justin Rees, being based out of the Ride Systems headquarters in Salt Lake City, Utah.

About the Author

Mischa Wanek-Libman | Editor in Chief

Mischa Wanek-Libman serves as editor in chief of Mass Transit magazine. She is responsible for developing and maintaining the magazine’s editorial direction and is based in the western suburbs of Chicago.

Wanek-Libman has spent more than 20 years covering transportation issues including construction projects and engineering challenges for various commuter railroads and transit agencies. She has been recognized for editorial excellence through her individual work, as well as for collaborative content. 

She is an active member of the American Public Transportation Association's Marketing and Communications Committee and serves as a Board Observer on the National Railroad Construction and Maintenance Association (NRC) Board of Directors.  

She is a graduate of Drake University, where she earned a Bachelor of Arts degree in Journalism and Mass Communication with a major in magazine journalism and a minor in business management.