Transfix and project44 have announced a strategic partnership that both companies said will bring new capabilities to the logistics industry.
The first integration in the multiyear agreement will see project44’s electronic logging device visibility technology become integrated with Transfix’s mobile app-based shipment tracking technology to provide Transfix shippers with more robust tracking data.
“We are constantly looking for ways to reimagine freight and bring innovation to our end-to-end digital supply chain solution; project44 likewise understands and shares our vision for the future of freight. We are together aligned on the critical importance of creating transparency and efficiency through technology and data — our partnership will be game changing for the transportation industry and our mutual clients,” said Lily Shen, CEO and president at Transfix.
The initial integration leverages project44’s machine-learning capabilities to offer Transfix customers more predictive estimate time of arrival for shipments and for shippers to easily track their shipments via ELD. Dispatchers can confirm which trucks are assigned to which shipments with the data, eliminating manual tasks that can introduce errors and creating a more efficient overall process.
“We’ve always been focused on solutions that work for the entire transportation and logistics ecosystem, which is why it’s crucial we partner with providers like Transfix, known for both its innovations in freight and its unique network of high-quality, trusted carriers,” said Jett McCandless, founder and CEO of project44. “With our initial ELD integration, we are solving a key pain point in the industry — for both shippers and carriers — that’s only been exacerbated by the pandemic. This is only the beginning, with many impactful joint solutions on the horizon.”
Both companies have been busy with new technology offerings in 2020.
In early October, Transfix, which is known for its digital freight marketplace, announced the release of Fleet Planner, a web-based fleet management tool designed for small and midsize carriers. Fleet Planner allows carriers to view their fleets and gain an immediate calendar overview of all current and upcoming loads, add loads and assign them to drivers and push load details to drivers via text message.
It also launched its Core Carrier Program, an effort to partner with carriers that demonstrate reliability and strong performance over time. Carriers are accepted into the program based on a high load volume with Transfix, high on-time performance, high load acceptance, low cancellation rate and a desire to grow their operations. Those within the program benefit from increased freight volumes, early access to loads, consistent and predictable lanes and a dedicated account manager.
Tuesday night, Bloomberg reported that Transfix could soon go public with an initial public offering through a special purpose acquisition company. The SPAC, Tuscan Holdings Corp. II (NASDAQ: THCA), is reportedly in discussions with Transfix about an offering.
Transfix was founded in 2013 and last valued at $800 million, according to PitchBook. It is led by co-founder and Chairman Drew McElroy, CEO Shen and co-founder and Chief Technology Officer Jonathan Salama. Investors include G Squared, TriplePoint Venture Growth, New Enterprise Associates, Canvas Ventures and Lerer Hippeau.
project44 has been busy as well, adding increased visibility into the global airfreight and ocean container markets. Those efforts were enhanced with an extension of a partnership with the SAP Logistics Business Network that began in 2019. The September 2020 expansion added additional global visibility for ocean shipping as well as truckload and less-than-truckload freight movements. The offering connects and automates visibility data and insight from project44 within SAP’s Logistics Business Network.