GlobalTranz announces completion of $40 million in funding by Providence Equity and Susquehanna Growth Equity.
GlobalTranz, one of the fastest growing companies in the transportation management and logistics industry, announced the completion of $40 million in Series C funding by Providence Equity and Susquehanna Growth Equity.
The investment in GlobalTranz was led by Mark Hastings of Providence Equity, who will be joining the Board of Directors of GlobalTranz. Mark is a Managing Director in the firm’s growth equity fund, Providence Strategic Growth, or “PSG”. PSG focuses on making investments in high growth technology enabled service companies.
“GlobalTranz is a perfect fit for PSG’s investment strategy of identifying companies that have the opportunity to disrupt large industry segments by applying new technology to solve industry problems. The company’s track record of consistent high growth makes it a compelling investment. We are looking forward to working with Andrew Leto and his team to help solidify GlobalTranz’s position as one of the dominant providers of technology enabled transportation services,” said Mark Hastings.
Susquehanna Growth Equity, or “SGE”, focuses on making investments in high-potential technology businesses across a range of sectors, and has a practice area focused on supply chain and logistics technology. “We are excited to have the opportunity to team up with Andrew and the GlobalTranz team,” said Ben Weinberg of SGE, who will also be joining the Board of Directors of GlobalTranz. “We have been impressed by the growth that the team has been able to consistently deliver and look forward to working alongside in the future.”
GlobalTranz has achieved CAGR from the period 2009-2013 of 49.6%. “Our technology and agent offering is the best in our industry right now, and I am excited to work with the Susquehanna and Providence teams. This investment is going to help in our goal of getting to 1 billion in annual gross revenue by 2016” said Andrew Leto, CEO, of GlobalTranz.