The freight tracking software provider has received a shot in the arm from Susquehanna Growth Equity to boost product development and its geographic footprint.
The third-party load tracking software provider MacroPoint said Monday it has received a $44 million investment from the private equity group Susquehanna Growth Equity, LLC.
The company said it plans to use the cash injection to accelerate investments in product and network expansion, both in the United States and internationally.
MacroPoint provides visibility into load status, including automated arrival and departure alerts, hours of service features, and analytics using data from GPS-enabled devices and electronic logging devices (ELDs).
The company said more than 800,000 drivers and 3,000 customers (including JB Hunt, UPS and FedEx) use its software to track more than 2 million loads per year. The software integrates with transportation management systems and ELD packages.
MacroPoint also said it is adding supply chain and technology experts to its board of directors, including Dan Dershem, founder and former chief executive officer of the TMS provider LeanLogistics, and Ronald Kasner, chief financial officer of iCIMS, a provider of talent management software.
“MacroPoint was founded to help shippers and logistics service providers eliminate the many blind spots in their supply chains,” said Bennett Adelson, chief executive officer of MacroPoint. “While we’re incredibly proud of how far we’ve come, we’ve only scratched the surface. Having SGE’s experience in rapidly scaling businesses will help us realize our vision of providing global, multi-modal supply chain visibility.”
Competition in the freight tracking software market has been intense in 2016, with MacroPoint competing with rivals FourKites and 10-4 Systems, but Ben Weinberg of Susquehanna said his firm is “very impressed by MacroPoint’s emergence as the industry standard for freight tracking and visibility. They are way ahead of the competition.”
MacroPoint snags $44m in financing
