Boise, Idaho-based freight technology company truckstop.com announced Tuesday that it has acquired Denim, a transportation-focused financial tech business and factoring service that automates invoicing.
The strategic acquisition will help both carriers and brokers better manage and increase security for their businesses while also reducing time-to-cash and optimizing back-office processes, according to a truckstop.com news release.
Denim’s significant investments in AI and automation technology can help carriers and brokers process 75% of payments in under one minute. This combined with truckstop.com’s expansive freight matching and carrier identity solutions aims to enhance operational stability for businesses.
With both Truckstop’s non-recourse factoring and Denim’s recourse factoring product, customers will have access to faster payment options along with modernized service and more flexible pricing.
“We are incredibly excited to welcome Denim to the truckstop.com family,” said Scott Moscrip, CEO of truckstop.com, in the release. “Carriers and brokers today are demanding tools to help them work more profitably, more efficiently, and more securely. With Denim, we can better deliver across all three of these priorities. We’re excited for our carriers and brokers who will experience improved cash flow, lower operating costs, and reduced risk.”
“Joining forces with truckstop.com is a huge win for carriers and brokers,” added Denim CEO Bharath Krishnamoorthy. “We innovated a best-in-class tool for enabling faster payments and automating complex financial processes, and we’re excited to be able to bring this value to the industry at scale.”
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