SCOTTSDALE, Ariz. and MEMPHIS, Tenn., June 25, 2018 /PRNewswire/ -- Trax Technologies, a leading global freight audit and payment provider, and Veraction, a leading provider of transportation spend management and freight audit solutions, today announced the merger of the two companies. The combined business will offer customers a single global technology platform across all shipping modes and a leading suite of transportation spend management analytics. With a global reach, the Company manages over $10 billion in logistics spending across all transportation modes for more than 300 enterprise customers. PNC Business Credit, a division of PNC Bank, National Association, along with White Oak Global Advisors, provided senior secured financing in support of the transaction.
The integrated company will retain the Trax name and combine the leadership teams of both companies. Chris Connell, former CEO of Veraction, leads the combined company as CEO of Trax Group Inc. Trax Group will be the most capable freight audit and payment company in the world delivering a state of the art technology platform including advanced analytics to help customers manage and control their transportation spending with precision. Shippers of all sizes and across all industries will benefit from the company's deep parcel and freight expertise as well as a significant global footprint.
"Many of the world's largest shippers have already turned to Trax and Veraction to better control their transportation costs and save money," said Chris Connell. "This combination brings together the two clear leaders in this industry with rich legacies, innovative solutions and deeply talented teams with an intense customer focus. Our combined company will set a new standard for transportation spend management solutions and freight audit."
Don Baptiste, CEO of Trax, added, "The combined company will provide best in class logistics experience and innovation to our clients and unparalleled opportunity for our employees. While this merger is a significant event for the industry, it's just the beginning of great things to come from Trax."
Both Trax and Veraction have been aggressive innovators of transportation spend management and freight audit solutions including a best in market analytics suite providing deep insights into transportation spending across modes, regions or service. The combination of Trax and Veraction will deliver increased benefits to customers and help to positively impact their bottom line.
"The merger of Trax and Veraction will allow us to continue to serve the world's most sophisticated and complex supply chain organizations," said Bob Morse, Chairman of the board, Trax Technologies. "The combined company will have the resources to deliver innovative new products and more comprehensive capabilities at a faster rate than either company would have been able to achieve on its own."
Sean White, Chairman of the board, Veraction, added, "This combination is a significant win for the industry and customers who are seeking to partner with an innovative, experienced, and growing industry leader to satisfy their transportation spend management needs. I expect Trax Group to positively disrupt the industry with our strong go-to-market solutions."
Torch Partners acted as exclusive financial advisor to Strattam Capital and Trax Technologies; Wilson Sonsini Goodrich & Rosati acted as legal advisor to Strattam Captial and Trax Technologies. Dentons US LLP acted as legal advisor to Spire Capital Partners and Veraction.
About Trax Group
Trax Group is transforming global logistics to help customers reduce risk, save money, and improve enterprise-wide efficiency. Unlike traditional freight audit & payment solutions, our innovative platform starts with a foundation of powerful data science. We then apply easy-to-use SaaS technologies and expert frameworks to help clients uncover valuable logistics business intelligence. Trax operates offices in the U.S., Europe, Asia and Latin America. For more information visit www.traxtech.com or follow us on Twitter or LinkedIn.
About Spire Capital Partners
Founded in 2000, Spire Capital is an active and experienced private equity firm with an investment focus on lead and control investments in companies within the business services, information services, media, education and communications sectors. Spire Capital leads buyout investments in its areas of expertise and believes its deep industry experience and network of relationships are invaluable in helping its portfolio companies to grow and create value. Spire Capital is investing out of its third fund and has managed over $900 million in private equity commitments since its founding. Since inception, Spire has invested in 26 platform companies and consummated over 80 add-on acquisitions. For more information please visit www.spirecapital.com.
About Strattam Capital
Strattam Capital is a private equity firm with an innovative and focused approach to scaling established business IT companies. Our team's alignment and engagement practices are designed to deliver a better future for our companies. Strattam has offices in Austin and San Francisco. To learn more visit www.strattam.com.
SOURCE Trax Technologies