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A photo of Josef SalpeterFARA: A Modaxo Acquisition Story

“We can continue being small and agile, but also act like a large company when we need to. Modaxo is a force multiplier!” Josef Salpeter, CEO, FARA

Modaxo may not have been FARA’s first home, but CEO Josef Salpeter (Yossy to his friends) is clear that it is absolutely the right home. Today, Yossy exudes a sense of contentedness, leading a business that is set upon expansion with the support of Modaxo.

A Deal Years in the Making

FARA didn’t take the most direct route to Modaxo, but Yossy and the team are delighted to finally be aboard:

“We spoke with Modaxo prior to FARA’s previous sale in 2019. We didn’t join at the time, but I kept track of Modaxo. I stayed in touch with another company that was bought at that time and learnt from them that the experience within Modaxo matches the promise. This message stayed with me.”

“In 2022 FARA was experiencing some issues, and finding a new owner was part of our recovery plan. We understood that to build a better future FARA required a strong strategic partner; one that could offer financial backing and support to grow.”

Why Modaxo?

Searching for a strong strategic partner, Modaxo’s singular focus on people transportation was vital:

“We had a list of potential buyers, and Modaxo was right at the top. It was attractive because of its focus on public transport and the transparency of its model.”

“FARA joined Modaxo in November 2023. We were relieved to have closure, but more importantly we knew that Modaxo was the right choice. We took the opportunity to dive straight into the Modaxo world.”

Integration and Onboarding

Having been through a sale previously, Yossy knew what to expect, but found the integration process well structured and organised:

“Modaxo’s experience at integration proved extremely beneficial. We already knew that it is challenging to change systems and processes following a sale, but the Modaxo team helped us through the first six months.”

“We embraced the Modaxo culture from the start, taking our management team on Modaxo’s learning summits. Modaxo has many companies we can compare to, and is open with its data – it is much easier to get your team on the same page when you have such relevant references to learn from.”

Leadership Support

The Modaxo model is designed to support business leaders:

“It is great to be a CEO within this environment. The CEO position is often quite lonely, with the board above and pressure on all sides. In Modaxo, FARA is part of group of similar companies, and I have strong relations with other CEOs, providing opportunities to discuss, consult, watch and learn.”

“There is vast knowledge within Modaxo, and I quickly found existing frameworks to support the strategy I wanted to push. Running ideas by peers and my Group Leader enables me to be more secure in the changes I make.”

Autonomy

Autonomy is central to Modaxo’s approach to business management:

“In Modaxo you control your business. You have clear financial goals, but autonomy in terms of how to reach them. There’s less politics and more pragmatic focus on supporting processes.”

“Business leaders have been working successfully in this environment for years, so everything is already established. It’s an atmosphere of openness and trust.”

Central Support

Modaxo provides a range of central services and utilities to support leaders and their businesses:

“I really appreciate the way that Modaxo reviews the scoring of tenders and bids that we do. In the past we looked at EBITA and revenue, but here we look at a range of ratios, which provide a more comprehensive view of the bid quality so nothing is missed.”

“Modaxo’s ratios provide a framework for understanding what is good or bad business. I know in the past we won work that was not productive for our company; now we have tools to safeguards these decisions.”

“The level of HR support is completely different, with access to talent management, training and knowledge sharing frameworks that would normally only be found within a large organisation.”

“Access to legal support has been a major positive. In the past we had to guess because an organisation our size couldn’t afford legal counsel for every requirement. Here, Modaxo’s dedicated legal team is available to work with us when we need.”

“We can continue being small and agile, but also act like a large company when we need to. Modaxo is a force multiplier!”

FARA’s Future

Stable and established within Modaxo, Yossy is focused on a bright future for FARA:

“When I think about why I originally wanted to be part of Modaxo, opportunity for collaboration was the main thing. Within Modaxo we can work with other businesses, building on each other’s infrastructure. It is a framework to bring our solutions to new customers.”

“We are currently working with Modaxo’s market expansion team on the response to a major tender in Spain. From past experience we know that it takes time and investment to expand internationally; working within Modaxo gives us the best possible chance of success.”

“Being part of Modaxo doesn’t solve all of our challenges or avoid the need to answer tough questions. The work is the same, but the difference is that here you have the backing to deliver on a plan, and best practice frameworks to support you in doing so.”


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