Veraction (or the “Company”) provides software-enabled transportation spend management (“TSM”) solutions to large, established globally-based enterprises. The Company’s solutions help clients to optimize transportation spend, which improves supply chain visibility, allows for better collaboration with trading partners and identifies business efficiencies and significant cost savings. The Company’s network of over 6,000 connections to trading partners and the resulting unique access to timely transportation spend data supports advanced analytics for end-to-end transportation spend visibility and management. The Company provides its services to over 300 customers (including 30+ Fortune 100 customers) around the world across multiple end market verticals, including consumer retail (i.e. Coca-Cola, Nike, Starbucks, etc.), technology & telecommunications (AOL, Sprint, etc.), financial services (i.e. Citibank, Cigna), healthcare (i.e. Allergan, etc.), among others. In total, Veraction currently manages approximately $4 billion of transportation spending on behalf of its clients. The Company typically signs long-term agreements with customers (three years on average) and revenues are generated based on minimum transportation spend levels, plus volume-based payments. Veraction currently has over 130 employees and is headquartered in Memphis, TN, with additional locations in St. Simons, GA; Shenzhen, China; and Manila, Philippines.
- Date of Initial Investment: 3/28/2014
- Status: Current Fund III Portfolio Company
- Type of investment: Fund III
- Headquarters: Memphis, TN
- URL: www.veraction.com