STOCKHOLM & TAMPA, Fla. -- Syncron and Mize, Inc. today announced that Mize, Inc., a leader and innovator of Field Service Management (FSM) and Warranty Management (WCM) solutions, has merged with Syncron, a leader in Service Parts and Contracts Management including Inventory, Pricing, and IoT-based preventive repair monitoring solutions.
Both Syncron and Mize are well-recognized leaders within their respective cloud solution markets. The combined company will use the Syncron brand and establish a fast-growing innovator with a customer base of more than 200 of the most known and respected brands in the automotive, construction & agriculture equipment, industrial engineering, high-tech, med-tech, and consumer durables industries. With more than 700 employees by the end of 2021, based in 12 office locations in eight countries worldwide, the company will continue to invest significantly in innovation and expansion of its global coverage.
The Syncron Connected Service Experience (CSX) platform and Service Lifecycle Management (SLM) solutions enable the manufacturers to retain more customers, deliver services more cost-effectively, and generate higher-margin revenues from the install base.
"Product-related services have become the lifeline of manufacturers’ EBITDA and net margins. Protecting end customer brand experience is of pivotal relevance for every manufacturer. Together we can help create higher margin businesses, and recurring revenue from subscription and outcome-based business models," said Dr. Friedrich Neumeyer, CEO, Syncron.
As a part of this arrangement, Ashok Kartham, Founder and CEO of Mize, will join the Syncron executive management team as the company’s Chief Product Officer overseeing all product and development for Syncron.
"Manufacturers today use disparate systems to manage their service and parts business leading to silos of data, disconnected processes, and lower profitability. The combination of Syncron and Mize for the first time brings the leading service and parts management platforms together to maximize value to the customers,” said Kartham. “With a unique ability to have one common real-time view on service parts, field service workforce, service histories, parts data, and pricing, we can provide a new level of value creation for our customers unmatched in the industry."
The deal is significant in that Mize and Syncron together can develop and deliver the first comprehensive, single platform portfolio of SaaS solutions to market that specifically addresses the complexities and profound opportunities possible in the aftermarket and services business. Syncron's capabilities in AI and ML will play a pivotal role to connect IoT-based failure prediction even better with planned service events based on optimal part availability. Manufacturers looking to enhance this vital part of their business will be able to address service profitability, optimize working capital, and enable business growth while also best approaching and developing innovative services for the world's new service economy.
"We have recognized Mize* and Syncron** both as a leader in several areas," said Aly Pinder, Lead Analyst of IDC. "We expect both companies to be able to further strengthen a joint position by creating customer innovations around fully integrated service lifecycle management processes proving value beyond individual products which I have been emphasizing for years."
“Manufacturing is going through acceleration of digitization and business model disruption,” said Léo Apotheker, Chairman of the Board, Syncron. “Service experiences as a sustainable differentiator is at the top of every C-level agenda. Coupling the talent, expertise, and products of Syncron and Mize will empower the changes manufacturers need to compete effectively throughout this transition and best position themselves competitively.”
Please visit syncron.com to learn more on how you can transform your service business to enhance service experience and drive higher profitability in a connected world.
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*IDC MarketScape: Worldwide Manufacturing Warranty and Service Contract Management Applications 2019–2020 Vendor Assessment (Doc # US44408619, December 2019)
**IDC MarketScape: Worldwide Manufacturing Service Parts Management Applications 2020 Vendor Assessment (Doc # US44801020, January 2020)
Mize is a Service Lifecycle Management company that provides a SaaS solution for durable goods manufacturers and their value chain. The company provides a Connected Service Experience among OEMs and their end customers, dealer channels, service provider network, and suppliers, connecting and managing all service lifecycle interactions, extending across Warranty, Service Plans, Support, Service Delivery, Parts, and Returns. Mize solutions lead to reduced service delivery costs, optimized service experience, and maximized customer lifetime value. For additional information, visit m-ize.com.
Syncron empowers the world's leading manufacturers to maximize product uptime and deliver exceptional aftermarket service experiences while driving significant revenue and profit improvements. From industry-leading investments in research and development to providing the fastest time-to-value, Syncron's award-winning service parts inventory, price and uptime management solutions are designed to continually exceed customer expectations. Top brands from around the world trust Syncron, the largest privately-owned global provider of cloud-based aftermarket service solutions, to transform their service operations into competitive differentiators. For more information, visit syncron.com.