MercuryGate International Acquired by Growth Equity Investor Summit Partners
Aug. 28, 2018
CARY, N.C. & MENLO PARK, Calif.--(BUSINESS WIRE)--Aug 28, 2018--Summit Partners, a global growth equity investor, today announced the acquisition of MercuryGate International, Inc., a leading independent provider of SaaS-based transportation management system (TMS) solutions.
Co-founded in 2000 by CEO Monica Wooden and President Steve Blough, MercuryGate began with a mission to solve the most complex, high-volume transportation management challenges at an affordable price. Since those early days, the company has grown immensely. Last year alone, the MercuryGate TMS managed more than $70 billion of annual freight spend and supported over 300,000 daily logins from 80 countries. At the forefront of logistics technology innovation for the past 18 years, MercuryGate today is one of the most comprehensive SaaS-based TMS solutions in the market uniquely addressing all customer segments, including shippers, 3PLs, freight forwarders, freight brokers, and carriers.
“We selected Summit Partners amongst many other suitors because Summit shares our vision and commitment to extend the foundation we have built into a platform for accelerated innovation, global ecosystem enablement, and customer scale,” said Monica Wooden. “I was looking for an investment partner that had the growth-oriented strategic and operational resources to take us to the next level, and I found that formula in Summit Partners.”
As part of this transaction, Monica Wooden will transition into a customer-facing role at the company as Chief Revenue Officer, while Co-founder and President Steve Blough will continue on as Chief Product Officer. Joe Juliano, an Executive-in-Residence (“EIR”) with Summit Partners and software industry leader, will join MercuryGate as President and CEO and will work closely with Monica and Steve to drive growth and scale initiatives.
Mr. Juliano brings a deep background in both supply chain and SaaS software, as well as a demonstrated expertise in optimizing go-to-market strategies, achieving high levels of customer satisfaction and accelerating revenue growth. Prior to joining Summit’s EIR program, Mr. Juliano served as President and CEO of IQNavigator, a provider of SaaS solutions that enables businesses to source, manage, and pay contingent workforces. Previously, he was President of RedPrairie, a provider of supply chain, transportation management, and workforce management software, which merged with JDA Software, and he served as President and CEO of PrimeRevenue, a SaaS supply chain financing company. Prior to PrimeRevenue, Mr. Juliano led all commercial efforts of two publicly-traded companies: Ariba and FreeMarkets.
“Joe’s strategic vision, supply chain and transportation expertise, and track record of growing and scaling software businesses and delivering excellent customer service make him the natural choice to lead MercuryGate in our next chapter of our growth,” said Ms. Wooden. “I look forward to working closely with Joe to drive continued product innovation and deepen our commitment to our customers.”
“MercuryGate is a world-class company dedicated to serving the needs of a highly complex market with an extremely configurable and scalable SaaS solution,” said Mr. Juliano. “I’m excited to collaborate with Monica, Steve, and the MercuryGate team and to leverage Summit’s growth-oriented strategic and operational resources to build upon MercuryGate’s strong foundation and expand its global footprint.”
“With the addition of Joe’s significant experience in customer-centric growth, we believe MercuryGate has the right combination of vision, product and leadership to drive continued growth in the TMS sector, and we are excited to continue building on the momentum they have achieved to-date,” added Peter Rottier, a Managing Director with Summit who will join the MercuryGate Board of Directors.
“MercuryGate offers a strong product with incredibly rich functionality,” said C.J. Fitzgerald, a Managing Director with Summit Partners, who will also join the MercuryGate Board of Directors. “We believe the company is strongly positioned for continued growth as organizations large and small seek SaaS solutions to manage their transportation and logistics operations for improved productivity and operational efficiency.”
“We have been pleased to partner with MercuryGate’s management team and support the company through an impressive growth period,” said Alex Berzofsky, Managing Director, Warburg Pincus, which previously invested in MercuryGate. “MercuryGate is a clear leader in TMS software solutions and we are confident they will enjoy continued success.”
About MercuryGate International
MercuryGate provides powerful transportation management solutions proven to be a competitive advantage for today’s most successful shippers, 3PLs, freight forwarders, brokers, and carriers. MercuryGate’s solutions are unique in their native support of all modes of transportation on a single platform including Parcel, LTL, Truckload, Air, Ocean, Rail, and Intermodal. Through the continued release of innovative, results-driven technology and a commitment to making customers successful, MercuryGate delivers exceptional value for TMS users through improved productivity and operational efficiency. MercuryGate offers business intelligence to improve transportation processes, increase customer satisfaction, and reduce costs.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable technology and software companies financed by Summit Partners include Fineline Technologies, FleetCor, Hiperos, HelpSystems, Infor, Mi9 Retail, Navis, Perforce Software, RELEX Solutions, SmartSheet, Trintech and Uber. Summit maintains offices in North America and Europe, and invests in companies around the world. Summit’s Executive-in-Residence (“EIR”) program facilitates collaboration between seasoned industry executives and Summit’s sector teams who work together to identify investment opportunities, conduct due diligence, and create and support value creation plans for the companies with which Summit has partnered.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180828005566/en/
CONTACT: Summit Partners
Meg Devine, 617-824-1047
Debra Phillips, 904-955-1008
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NORTH CAROLINA
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE TRANSPORT AIR MARITIME RAIL TRUCKING LOGISTICS/SUPPLY CHAIN MANAGEMENT PROFESSIONAL SERVICES FINANCE
SOURCE: MercuryGate International, Inc.
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PUB: 08/28/2018 01:00 PM/DISC: 08/28/2018 01:01 PM