Trax Technologies, a global provider of technology-driven solutions that enable shippers and logistics-service providers to efficiently and effectively manage their logistics spend and receivables, raised $10 million in a Series B round of financing led by River Cities Capital Funds. Incumbent investor Capital Southwest also participated. Trax will use the funds to further accelerate its multi-year, double-digit growth and to enable broader market access to the company’s expanding range of solutions. River Cities’ investment in Trax marks the first investment out of the firm’s Fund V.
River Cities’ technology practice centers around high-growth, capital efficient companies poised to lead their respective markets with solutions that help businesses improve efficiency by streamlining operations, increasing revenue and reducing costs. Like Trax, target portfolio companies pursue large, established markets with disruptive technologies and services that are significantly “better, faster, cheaper” than the incumbent solutions.
“Trax is the leading global provider of solutions that manage transportation-related spend,” says River Cities’ Rob Heimann, who will join the company’s board. “Trax is entering a period of tremendous growth as global customers focus on controlling costs, enhancing transparency, reducing financial risks and shortening supply chains.”
“River Cities is the perfect partner for Trax,” says Scott Nelson, president and CEO of Trax. “Their funding, industry knowledge and thought leadership in the world of business-to-business SaaS will help us accelerate our growth and expand our offerings to a broader base of customers.”
About Trax Technologies
Trax Technologies’ 20-year history of thought leadership in solution delivery has enabled it to accomplish a truly global operating footprint and massive processing power. In 2012, Trax processed three logistics bills and three supporting documents every single second of the year. Trax’s client list represents the top shippers in the world who spent over $13 billion in 2012 on transportation-related expenses. Trax uniquely offers shippers and service providers quantifiable benefits including clarity and intelligence in spend and receivables management, reduction of financial risk, reduction of labor cost and improved cost management. The company is headquartered in Scottsdale, Arizona with operating centers in Scotland, Costa Rica, Singapore and the Philippines. For more information please visit www.traxtech.com.