Memphis Business Journal
Friday, June 22, Memphis-based Veraction, a transportation spend management and freight audit solutions provider, completed a merger with  Trax Technologies , a global freight audit and payment provider, headquartered in Scottsdale, Arizona. “Memphis now hosts the largest private transportation spend management company on the planet, and our goal is to get much bigger,” said  Chris Connell , the former CEO of Veraction who will also lead the new combined company as CEO of Trax Group Inc.
Financial details of the transaction were not disclosed, but Veraction will take the Trax name and the leadership and employees from both companies will be combined. Both companies are owned by private equity firms who will maintain 50/50 governance. Trax is owned by Austin, Texas-based  Strattam Capital . Connell said the freight audit and payment industry has been in need of a shake-up and the change will set the bar higher for peer companies, including local businesses such as CTSI-Global and Green Mountain Technology. The company has a long history in Memphis. It was originally founded as Accuship in 1994. As it passed among private equity companies, its name changed to Iron Data Transportation and, most recently, Veraction. “There’s not a lot of investment in the industry, but we’ve spent millions over the last couple of years in technology to modernize the business and we were looking to leverage that,” Connell said. Veraction has been working to advance freight audit and bill payment services into holistic transportation spend management solutions. “Companies want to manage, control and gain visibility over transportation spend. It is complex and dynamic,” Connell said. “We can not only audit freight but also provide rich analytics that tell [customers] why it is changing from week to week, so they can make a better decision next week.”
The merger will give Veraction additional resources to undertake more research and development and product development. In January, Veraction acquired Los Angeles-based National Traffic Consultants, which provides freight pre-audit, payment and data management solutions to some of the world’s largest companies including Epson, Toshiba and Mazda. Now joining with Trax, the combined company is the largest private company in its industry, managing more than $10 billion in logistics spending across all transportation modes for more than 300 enterprise customers. “There’s never been a clearly defined leader in this space. Now there’s no doubt about it: we’re the biggest,” Connell said. View online version here:  https://www-bizjournals-com.cdn.ampproject.org/c/s/www.bizjournals.com/memphis/news/2018/06/28/merger-puts-largest-private-freight-management.amp.html
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Spire Capital is a private equity firm focused exclusively on the Technology Enabled Business Services, Media, Education and Communications sectors.

Two industry competitors have joined forces to become the largest freight audit and payment solutions provider.

Trax Technologies and Veraction Announce Merger
Combined Company is a Market Leader in Transportation Spend Management
Scottsdale, Arizona and Memphis, Tennessee – June 25, 2018 – Trax Technologies, a leading global freight audit and payment provider, and Veraction, a leading provider of transportation spend management and freight audit solutions, today announced the merger of the two companies. The combined business will offer customers a single global technology platform across all shipping modes and a leading suite of transportation spend management analytics. With a global reach, the Company manages over $10 billion in logistics spending across all transportation modes for more than 300 enterprise customers. PNC Business Credit, a division of PNC Bank, National Association, along with White Oak Global Advisors, provided senior secured financing in support of the transaction. The integrated company will retain the Trax name and combine the leadership teams of both companies. Chris Connell, former CEO of Veraction, leads the combined company as CEO of Trax Group Inc. Trax Group will be the most capable freight audit and payment company in the world delivering a state of the art technology platform including advanced analytics to help customers manage and control their transportation spending with precision. Shippers of all sizes and across all industries will benefit from the company’s deep parcel and freight expertise as well as a significant global footprint. “Many of the world’s largest shippers have already turned to Trax and Veraction to better control their transportation costs and save money,” said Chris Connell, “This combination brings together the two clear leaders in this industry with rich legacies, innovative solutions and deeply talented teams with an intense customer focus. Our combined company will set a new standard for transportation spend management solutions and freight audit.”
Don Baptiste, CEO of Trax added, “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.”
Both Trax and Veraction have been aggressive innovators of transportation spend management and freight audit solutions including a best in market analytics suite providing deep insights into transportation spending across modes, regions or service. The combination of Trax and Veraction will deliver increased benefits to customers and help to positively impact their bottom line. “The merger of Trax and Veraction will allow us to continue to serve the world’s most sophisticated and complex supply chain organizations,” said Bob Morse, Chairman of the board, Trax Technologies. “The combined company will have the resources to deliver innovative new products and more comprehensive capabilities at a faster rate than either company would have been able to achieve on its own.”
Sean White, Chairman of the board, Veraction added, “This combination is a significant win for the industry and customers who are seeking to partner with an innovative, experienced, and growing industry leader to satisfy their transportation spend management needs. I expect Trax Group to positively disrupt the industry with our strong go‐to‐market solutions.”
Torch Partners acted as exclusive financial advisor to Strattam Capital and Trax Technologies; Wilson Sonsini Goodrich & Rosati acted as legal advisor to Strattam Captial and Trax  Technologies. Dentons US LLP acted as legal advisor to Spire Capital Partners and Veraction. About Trax Group
Trax Group is transforming global logistics to help customers reduce risk, save money, and improve enterprise‐wide efficiency. Unlike traditional freight audit & payment solutions, our innovative platform starts with a foundation of powerful data science. We then apply easy‐to‐use SaaS technologies and expert frameworks to help clients uncover valuable logistics business intelligence. Trax operates offices in the U.S., Europe, Asia and Latin America. For more information visit www.traxtech.com or follow us on Twitter or LinkedIn. About Spire Capital Partners
Founded in 2000, Spire Capital is an active and experienced private equity firm with an investment focus on lead and control investments in companies within the business services, information services, media, education and communications sectors. Spire Capital leads buyout investments in its areas of expertise and believes its deep industry experience and network of relationships are invaluable in helping its portfolio companies to grow and create value. Spire Capital is investing out of its third fund and has managed over $900 million in private equity commitments since its founding. Since inception, Spire has invested in 26 platform companies and consummated over 80 add‐on acquisitions. For more information please visit www.spirecapital.com . About Strattam Capital
Strattam Capital is a private equity firm with an innovative and focused approach to scaling established business IT companies. Our team’s alignment and engagement practices are designed to deliver a better future for our companies. Strattam has offices in Austin and San Francisco. To learn more visit www.strattam.com. Share
Spire Capital is a private equity firm focused exclusively on the Technology Enabled Business Services, Media, Education and Communications sectors.

Trax Technologies and Veraction Announce Merger

PNC Business Credit, White Oak Support Merger of Trax Technologies & Veraction
June 26, 2018, 07:26 AM
Trax Technologies, a global freight audit and payment provider, and Veraction , a provider of transportation spend management and freight audit solutions, announced the merger of the two companies. The combined business will offer customers a single global technology platform across all shipping modes and a leading suite of transportation spend management analytics. With a global reach, the Company manages over $10 billion in logistics spending across all transportation modes for more than 300 enterprise customers. PNC Business Credit, a division of PNC Bank, National Association, along with White Oak Global Advisors, provided senior secured financing in support of the transaction. The integrated company will retain the Trax name and combine the leadership teams of both companies. Chris Connell, former CEO of Veraction, leads the combined company as CEO of Trax Group Inc.  Trax Group will be the most capable freight audit and payment company in the world delivering a state of the art technology platform including advanced analytics to help customers manage and control their transportation spending with precision. Shippers of all sizes and across all industries will benefit from the company's deep parcel and freight expertise as well as a significant global footprint. "Many of the world's largest shippers have already turned to Trax and Veraction to better control their transportation costs and save money," said Chris Connell. "This combination brings together the two clear leaders in this industry with rich legacies, innovative solutions and deeply talented teams with an intense customer focus. Our combined company will set a new standard for transportation spend management solutions and freight audit." Don Baptiste, CEO of Trax, added, "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. " 
Both Trax and Veraction have been aggressive innovators of transportation spend management and freight audit solutions including a best in market analytics suite providing deep insights into transportation spending across modes, regions or service. The combination of Trax and Veraction will deliver increased benefits to customers and help to positively impact their bottom line. "The merger of Trax and Veraction will allow us to continue to serve the world's most sophisticated and complex supply chain organizations," said Bob Morse, Chairman of the board, Trax Technologies. "The combined company will have the resources to deliver innovative new products and more comprehensive capabilities at a faster rate than either company would have been able to achieve on its own." Sean White, Chairman of the board, Veraction, added, "This combination is a significant win for the industry and customers who are seeking to partner with an innovative, experienced, and growing industry leader to satisfy their transportation spend management needs. I expect Trax Group to positively disrupt the industry with our strong go-to-market solutions." Torch Partners acted as exclusive financial advisor to Strattam Capital and Trax Technologies; Wilson Sonsini Goodrich & Rosati acted as legal advisor to Strattam Captial and Trax Technologies. Dentons US LLP acted as legal advisor to Spire Capital Partners and Veraction.

PNC Business Credit, White Oak Support Merger of Trax Technologies & Veraction

PE-backed Trax and Veraction merge
June 25, 2018
Trax Technologies, a freight audit and payment provider and Veraction, a provider of transportation spend management and freight audit solutions, have merged. No financial terms were disclosed. The newly combined company will operate under the Trax name. PNC Business Credit and White Oak Global Advisors provided financing to support this deal. Trax is backed by Strattam Capital while Veraction is a portfolio company of Spire Capital Partners. PRESS RELEASE
SCOTTSDALE, Ariz. and MEMPHIS, Tenn., June 25, 2018 /PRNewswire/ — Trax Technologies, a leading global freight audit and payment provider, and Veraction, a leading provider of transportation spend management and freight audit solutions, today announced the merger of the two companies. The combined business will offer customers a single global technology platform across all shipping modes and a leading suite of transportation spend management analytics. With a global reach, the Company manages over $10 billion in logistics spending across all transportation modes for more than 300 enterprise customers. PNC Business Credit, a division of PNC Bank, National Association, along with White Oak Global Advisors, provided senior secured financing in support of the transaction. The integrated company will retain the Trax name and combine the leadership teams of both companies. Chris Connell, former CEO of Veraction, leads the combined company as CEO of Trax Group Inc. Trax Group will be the most capable freight audit and payment company in the world delivering a state of the art technology platform including advanced analytics to help customers manage and control their transportation spending with precision. Shippers of all sizes and across all industries will benefit from the company’s deep parcel and freight expertise as well as a significant global footprint. “Many of the world’s largest shippers have already turned to Trax and Veraction to better control their transportation costs and save money,” said Chris Connell. “This combination brings together the two clear leaders in this industry with rich legacies, innovative solutions and deeply talented teams with an intense customer focus. Our combined company will set a new standard for transportation spend management solutions and freight audit.”
Don Baptiste, CEO of Trax, added, “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.”
Both Trax and Veraction have been aggressive innovators of transportation spend management and freight audit solutions including a best in market analytics suite providing deep insights into transportation spending across modes, regions or service. The combination of Trax and Veraction will deliver increased benefits to customers and help to positively impact their bottom line. “The merger of Trax and Veraction will allow us to continue to serve the world’s most sophisticated and complex supply chain organizations,” said Bob Morse, Chairman of the board, Trax Technologies. “The combined company will have the resources to deliver innovative new products and more comprehensive capabilities at a faster rate than either company would have been able to achieve on its own.”
Sean White, Chairman of the board, Veraction, added, “This combination is a significant win for the industry and customers who are seeking to partner with an innovative, experienced, and growing industry leader to satisfy their transportation spend management needs. I expect Trax Group to positively disrupt the industry with our strong go-to-market solutions.”
Torch Partners acted as exclusive financial advisor to Strattam Capital and Trax Technologies; Wilson Sonsini Goodrich & Rosati acted as legal advisor to Strattam Captial and Trax Technologies. Dentons US LLP acted as legal advisor to Spire Capital Partners and Veraction. About Trax Group
Trax Group is transforming global logistics to help customers reduce risk, save money, and improve enterprise-wide efficiency. Unlike traditional freight audit & payment solutions, our innovative platform starts with a foundation of powerful data science. We then apply easy-to-use SaaS technologies and expert frameworks to help clients uncover valuable logistics business intelligence. Trax operates offices in the U.S., Europe, Asia and Latin America. For more information visit www.traxtech.com or follow us on Twitter or LinkedIn. About Spire Capital Partners
Founded in 2000, Spire Capital is an active and experienced private equity firm with an investment focus on lead and control investments in companies within the business services, information services, media, education and communications sectors. Spire Capital leads buyout investments in its areas of expertise and believes its deep industry experience and network of relationships are invaluable in helping its portfolio companies to grow and create value. Spire Capital is investing out of its third fund and has managed over $900 million in private equity commitments since its founding. Since inception, Spire has invested in 26 platform companies and consummated over 80 add-on acquisitions. For more information please visit www.spirecapital.com. About Strattam Capital
Strattam Capital is a private equity firm with an innovative and focused approach to scaling established business IT companies. Our team’s alignment and engagement practices are designed to deliver a better future for our companies. Strattam has offices in Austin and San Francisco. To learn more visit www.strattam.com.

PE-backed Trax and Veraction merge

LLamasoft Technology helps businesses design the supply chain they need to achieve their profitability, service, and growth goals. Breaking down the limitations of traditional planning and operational systems, LLamasoft creates a true end-to-end view of the global supply chain to reveal the optimal design, assess trade-offs and enable decision making across strategic, tactical, and operational time horizons. On November 2nd, 2020, LLamasoft Technology was acquired by Coupa Software at a valuation of $1.5B.

LLamasoft

ANN ARBOR , Mich. & MEMPHIS , Tenn. -- -- LLamasoft , the global leader in supply chain design software and solutions ; and Veraction , a leading provider of Transportation Spend Management solutions , have announced an OEM partnership , whereby Veraction will resell LLamasoft supply chain design technology .

LLamasoft and Veraction Announce Global Partnership

Trax Technologies

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Companies offering technology-driven solutions that serve the supply chain & logistics space (e.g. shipping, inventory mgmt, last mile, trucking). 

Supply Chain & Logistics Tech

Merger

Veraction is a provider of transportation spend management and freight audit solutions.

Date	6/25/2018
Round	Merger
Amount
Investors	Trax Technologies
Valuation
Revenue	0 FY undefined
Sources	2

First funding	6/25/2018
Last Funding	6/25/2018
Investor	Trax Technologies
Rounds	1 Merger
Board Seats
Type	Corporation
Location	Texas

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