GlobalTranz is a perfect fit for PSG’s investment strategy of identifying companies that have the opportunity to disrupt large industry segments by applying new technology to solve industry problems. - Mark Hastings
Phoenix, Arizona (PRWEB) September 06, 2014
GlobalTranz, one of the fastest growing companies in the transportation management and logistics industry, announced the completion of $40 million in Series C funding by Providence Equity and Susquehanna Growth Equity.
The investment in GlobalTranz was led by Mark Hastings of Providence Equity, who will be joining the Board of Directors of GlobalTranz. Mark is a Managing Director in the firm’s growth equity fund, Providence Strategic Growth, or “PSG”. PSG focuses on making investments in high growth technology enabled service companies.
“GlobalTranz is a perfect fit for PSG’s investment strategy of identifying companies that have the opportunity to disrupt large industry segments by applying new technology to solve industry problems. The company’s track record of consistent high growth makes it a compelling investment. We are looking forward to working with Andrew Leto and his team to help solidify GlobalTranz’s position as one of the dominant providers of technology enabled transportation services,” said Mark Hastings.
Susquehanna Growth Equity, or “SGE”, focuses on making investments in high-potential technology businesses across a range of sectors, and has a practice area focused on supply chain and logistics technology. “We are excited to have the opportunity to team up with Andrew and the GlobalTranz team,” said Ben Weinberg of SGE, who will also be joining the Board of Directors of GlobalTranz. “We have been impressed by the growth that the team has been able to consistently deliver and look forward to working alongside in the future.”
GlobalTranz has achieved CAGR from the period 2009-2013 of 49.6%. “Our technology and agent offering is the best in our industry right now, and I am excited to work with the Susquehanna and Providence teams. This investment is going to help in our goal of getting to 1 billion in annual gross revenue by 2016” said Andrew Leto, CEO, of GlobalTranz.
GlobalTranz is a privately held, Phoenix-based, technology-enabled 3PL company, specializing in freight management services including Less-Than-Truck Load (LTL), Truckload (TL), Supply Chain Management, and Domestic Air/Expedited shipping. Using its proprietary, industry leading, technology, CommandCenter and CarrierRate, GlobalTranz has created a click and ship environment for its customers.
Established in 1989, the firm pioneered a sector-based approach to private equity, convinced that a dedicated team of industry experts could build companies of enduring value. Guided by this commitment, they have led some of the most exciting and successful companies in their sectors, generating superior investment returns across economic cycles. Today, having invested in more than 140 companies over its 25-year history, Providence is one of the world’s premiere private equity firms and a dominant global franchise in the media, communications, education and information services industries.
Susquehanna Growth Equity, LLC (SGE) invests in growth stage technology companies in the software, information services, internet and technology enabled services sectors. The firm is backed by a unique and patient capital base that allows management teams the freedom and flexibility to maximize growth.