Freight audit and payment provider Trax Technologies has merged with transportation spend management solution Veraction.
PNC Business Credit, a division of PNC Bank, and White Oak Global Advisors supplied the senior secured financing to support the deal.
Together the company will offer a single platform for all shipping modes and a suite of transportations spend management analytics. The combined company will manage over $10bn in logistics spending for more than 300 enterprise customers.
The company will keep the Trax name and will be led by former Veraction CEO Chris Connell.
Trax CEO Don Baptiste said, “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.”
US-based Veraction helps shipping companies with transportation data management, audits and compliance, spend allocation, payment services and spend intelligence. Its payment services help clients to make instant payments through its invoice terms and access real-time resolution and payment release.
Trax Technologies helps global logistic companies to customers reduce risk, save money, and improve enterprise-wide efficiency. With offices across the US, Europe, Asia, and Latin America, the company helps with business intelligence, cost allocation and data quality.
Earlier in the year, supply chain support company Flexport secured $100m in its funding round. The China-based company is a logistics services for air freight, ocean freight, trucking, cargo insurance, customs brokerage and inventory financing.
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