Fastest growing Tier 1 TMS provider plans for accelerated growth and expansion
SHELTON, Conn., April 17, 2019 (GLOBE NEWSWIRE) -- 3Gtms, Inc., a global provider of Tier 1 transportation management software solutions (TMS), announced that Sumeru Equity Partners ("SEP")-a growth-focused technology investment firm-has made a strategic investment in the company to accelerate growth and product innovation. Terms were not disclosed.
3Gtms is the fastest growing Tier 1 TMS provider and has the highest customer satisfaction in the industry. The Company's 3G-TM transportation management system is at the forefront of TMS innovation. The broad and deep multimodal TMS manages the full order-to-cash process in real time and within a single system for logistics service providers, shippers and brokers. Built on a reimagined architecture that delivers the power to self-configure, unique routing concepts and proprietary algorithms, 3G-TM is the only TMS in the world powerful enough to handle the most complicated projects, yet intuitive enough to be used by transportation professionals of all levels-resulting in the industry's highest customer retention rate.
"Since our inception, 3Gtms has seized a massive opportunity to bring innovative software to the TMS market. For too long, TMS customers have had to manage their transportation with systems that were built 20 years ago. Our architecture is based on a modern, leading-edge technology that delivers the speed and flexibility the industry needs now and in the future," said Mitch Weseley, CEO and founder of 3Gtms. "We're thrilled to have the backing of SEP and the ability to more rapidly scale our products and expand our resources. SEP's investment reinforces 3Gtms' position as a rapidly growing, innovative market leader and enables us to aggressively scale our product innovation strategy, hire top talent and continue our core focus on a customer-centric culture."
Thomas B. Crowley, Jr. Chairman and CEO of Crowley Maritime-a leading global logistics company and 3Gtms customer-said, "We worked with 3Gtms on one of our most complex projects, and they have been our partner every step of the way. 3Gtms' attention to customer service has been a breath of fresh air compared with other IT partners, and the 3G-TM technology is second to none. We look forward to leveraging 3Gtms' expanding suite of solutions as our company continues to push into new markets and offer new services."
SEP Managing Directors Paul Mercadante and Sanjeet Mitra added, "Transportation technology has been a focus area for us over many years, and we've seen a dramatic increase in complexity and the challenges facing logistics providers, shippers and brokers. 3Gtms is the only TMS provider to address the specific needs that are resulting from the hybridization of these industries. With a unique architecture at its core, 3Gtms is disrupting the industry by delivering clearer visibility, better data sharing and lightning-fast integrations to the market. Just as importantly, its team and its leadership have been key differentiators in the success of the company, and they will continue to be critical as we move forward. The combination of a powerful product, committed team and best-in-class customer satisfaction rates makes us highly enthusiastic to pursue an accelerated technology roadmap and growth plan with them."
As part of the investment, majority shareholder SEP will add principals Mercadante, Mitra and Mark Haller to 3Gtms' Board of Directors. The transaction closed in April 2019. PJ Solomon acted as the exclusive financial advisor to 3Gtms.
3Gtms is the fastest growing Tier 1 transportation management system.
About Sumeru Equity Partners
Sumeru Equity Partners is a technology-focused private equity firm that invests in middle market companies across software, technology-enabled services and hardware. The firm employs a growth-oriented partnership model with technology companies and typically invests $25-200 million per transaction. The firm was founded in 2014 by an experienced team from Silver Lake Sumeru, a private equity fund started in 2007 within Silver Lake. Sumeru Equity Partners utilizes extensive operating and investment experience in partnership with management teams to drive company growth and build strategic value. For more information please visit www.sumeruequity.com.