Mike Townend appointed as Senior Independent Director
- Mike (CIO of IP Group) adds significant expertise as both a growth investor and capital markets luminary.
- Mike brings extensive experience in technology investing and the commercialisation of intellectual property.
- Mike says TAP will be a key catalyst to decarbonisation in Transport.
TAP is the market leader in route optimisation and decarbonisation solutions for vehicle fleets. TAP’s modernisation technologies enable fleets to operate more efficiently, cutting fuel use and emissions, while helping the transition to decarbonised drivelines.
Mike said: “The Algorithm People has huge potential for global growth and helping organisations to fulfil the essential objective of decarbonising our supply chains. Its combination of AI, machine learning, and advanced algorithms will be revolutionary in helping fleets and organisations to accelerate their net zero targets.”
Mike joined IP Group’s Board in 2007, creating fresh avenues for the commercialisation of intellectual property. He has extensive experience in all aspects of capital markets from his leadership in Lehman Brothers’ European Equities. Although he is involved with many sectors, he has a particular passion for the decarbonisation of transport and sustainable cities.
He believes The Algorithm People has not only a commercially successful future but will play an important part in tackling the climate emergency, by helping road transport fleets of all kinds to cut fossil fuel use and transition to low-carbon powertrains.
“The Algorithm People has an award-winning proposition which also helps to fulfil key public policy and pressing environmental needs,” he says. “It is one of those companies which is financially attractive, geared up for extensive global growth, and is also important to enabling our services and our supply chains to make essential operational changes.”
The Algorithm People is bringing advanced mathematics, AI and machine learning to service fleets, final mile logistics, and passenger transport fleets throughout the UK. However, it is not only the engine of the software which is revolutionary, but also the delivery. Its product My Transport Planner brings an ease of use and payment models more commonly seen in the consumer sector, allowing them to avoid the lengthy consultations, prohibitive costs and harsh tied-in contracts traditionally associated with fleet software.
TAP Founder and CEO Colin Ferguson says: “We are thrilled to have Mike on board. His experience and expertise will be a huge asset to us.
“Just as importantly, he believes in our technology and our mission – to help the UK’s and global fleets to decarbonise. Decarbonisation is a daunting prospect for most fleets, so we make it easy for them to access and use very powerful tools, which will save them money and ensure the best return on investment.”
TAP’s platform is designed to be self-funding, immediately offering savings of up to 30%. My Transport Planner recently won an Innovation in Cost Reduction award for its technology at the Great British Fleet Awards.
“We are aware that, while governments around the world are driving the necessary change to electric vehicles, fleets need to be convinced that decarbonisation can also be profitable,” says Colin.
TAP’s latest round of funding will help the company accelerate its plans for growth in the UK, while also penetrating overseas markets.
It is currently generating innovative solutions to a wide range of logistics challenges, such as dynamically optimising the interaction between mobile assets, thereby cutting ‘re-load’ mileage.
“It is vital that transport fleets throughout the world cut their emissions significantly and rapidly,” says Mike. “I believe TAP is an essential and timely component in making this happen.”