SOURCE: The Hertz Corporation

The Hertz Corporation

April 09, 2009 18:19 ET

Hertz Acquires Eileo, Car Sharing Technology Leader

Paris-Based Eileo Provides End-to-End Technology Solutions for Connect by Hertz Car Sharing Business in London, New York City and Paris; Eileo's Technology Applications Planned for Hertz's Global Car and Equipment Rental Businesses

PARK RIDGE, NJ--(Marketwire - April 9, 2009) - Hertz Global Holdings, Inc. (NYSE: HTZ) announced it has acquired Eileo S.A., the Paris-based leader in the design and deployment of best-in-class car sharing technology. Eileo's end-to-end solutions are utilized by Connect by Hertz, currently operating in London, New York City and Paris. Terms of the acquisition were not disclosed.

Mark P. Frissora, Chairman and Chief Executive Officer of Hertz, commenting on the acquisition, said, "Eileo provides state-of-the-art, user-friendly technology innovations for the global car sharing industry. Acquiring Eileo underscores Hertz's long-term commitment to be the car sharing leader by providing comprehensive, customer-friendly solutions in this technology-driven business. Eileo will continue to create competitive advantages for Connect by Hertz and we will also deploy their technology to create advantages in our car and equipment rental businesses," Frissora added.

Arnaud Lejeune, Chief Executive Officer of Eileo, said, "We are proud to partner with Hertz to deliver future generations of car sharing technologies and speed up the implementation of our industry vision on two continents. We share a passion for creating the most user-centric and enjoyable car sharing experience, which already drives Connect by Hertz services. While continuing to serve the whole car sharing industry, we are excited by the opportunity to expand the applications of our technology to other business platforms," Lejeune concluded.

Founded in 2002, Eileo has been providing technology solutions to the car sharing industry which has experienced 25% year-over-year growth over the past five years. In addition, Eileo also designs technology-driven solutions for the transportation industry, providing fleet tracking and monitoring. Over the past year, Eileo's car sharing revenues more than doubled as the company worked with more than 20 car sharing operators worldwide. The number of car sharing members Eileo handles increased by 70% over the past six months, with an increase of nearly 50% in the last quarter.

Eileo's solution encompasses the entire car sharing process -- from member registration, to booking, to car access, to invoice and payment functions. For improving car sharing operator efficiency, Eileo provides a variety of alert and report functions, and remote vehicle monitoring. A unique, patented vehicle immobilizer function ensures the safety of each Company's car sharing fleet. Eileo's proprietary ASP software supports more than 400 features to fit with the most sophisticated business models. Car-embedded technology includes GPS, GPRS, Bluetooth and RFID technologies, which are easily installed and non-invasive to the vehicles' overall design and functionality. Also, the Company's service options include: online payment, printed smartcards, SMS alerts (text messages) for car sharing members, in-car hands-free phone assistance, and Bluetooth audio kits. Packaged with the delivery of Eileo's software and hardware systems, first-class business services contribute to high performance and reliability of the system through expert technical support and specific product development.

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc. (NYSE: HTZ), is the world's largest general use car rental brand, operating from approximately 8,500 locations in 141 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 42 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa, Asia, and the Middle East. Product and service initiatives such as Hertz #1 Club Gold®, NeverLost® customized, onboard navigation systems, SIRIUS Satellite Radio, and unique cars and SUVs offered through the company's Prestige, Fun and Green Collections, set Hertz apart from the competition. In 2008, the Company launched Connect by Hertz, entering the global car sharing market in London, New York City and Paris. Hertz also operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment, including tools and supplies, as well as new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 350 branches in the United States, Canada, China, France and Spain.