Trax Technologies, a global transportation spend management and payments company, has secured debt financing from Accel-KKR Credit Partners. No financial terms were disclosed. Trax is backed by Strattam Capital and Spire Capital.
MENLO PARK, Calif. and DALLAS, Aug. 26, 2021 /PRNewswire/ — Accel-KKR Credit Partners today announced that it has provided debt financing to support the next stage of growth for Trax Technologies, the leading global transportation spend management and payments company serving global shippers with sophisticated logistics ecosystems. Accel-KKR Credit Partners is a credit fund managed by Accel-KKR, a leading global software-focused investment firm headquartered in Silicon Valley.
Trax offers efficiency for both shippers and carriers by offering a robust software platform that streamlines freight auditing, cost allocation, logistics data processing and analytics, payment automation and settlements. Trax serves the global multi-modal market including freight, air, ocean, rail and parcel, and the company is a trusted partner of some of the world’s largest and most sophisticated supply chains within technology, retail, consumer goods, life sciences, industrial manufacturing and 3PL/4PL segments. Trax has revolutionized the decades-old freight audit space into a comprehensive transportation spend management category by using machine learning, big data and analytics to drive continuous improvement in its customers’ supply chains while providing cashflow and payments options to enable effective working capital management for shippers and carriers alike.
Trax is led by industry veterans with deep experience in the spend management category and is backed by leading technology investors, Strattam Capital and Spire Capital.
“We are a technology-first organization,” said Hamp Wall, CEO of Trax. “The freight audit industry has historically been very manual, but Trax is laser-focused on utilizing the latest technologies to increase the maturity and resiliency of our clients’ logistics networks. This strategic direction differentiates us from the competition. With this financing, we look forward to continuing to lead the space through innovation.”
“The world has never seen such a constrained logistics market, with shippers and 3PLs constantly challenged to manage budgets and cashflow while increasing capacity and responsiveness,” said Robert Morse, Partner at Strattam Capital. “Trax offers transparency and expense management control over this critical cost of goods while enabling large, global shippers to identify trends and make timely and strategic cost decisions.”
“This is a pivotal time for the freight audit industry,” said Sean White, Partner at Spire Capital. “Trax is a pioneer in moving beyond the traditional audit function to a cloud-first software platform that enables global visibility, control and insights across all modes, all carriers and all regions. Trax has successfully built a scaled platform, yet the team remains very attuned to the customer’s evolving needs. We are excited to welcome Accel-KKR’s software lending and investing experience in helping Trax grow.”
“Logistics spend is a meaningful part of the global economy,” said Samantha Shows, Managing Director at Accel-KKR. “Trax’s software is mission-critical to its customers and provides an essential function in operational efficiency, cost management and working capital improvements for both shippers and suppliers. We are excited to support Trax in their next stage of growth.”
About Trax Technologies:
Trax is the global leader in Transportation Spend Management solutions. Combining industry leading cloud-based applications with expert services, we are transforming traditional freight and parcel audit to help customers better manage and control their global transportation costs and drive enterprise-wide efficiency. With a global footprint spanning North America, Latin America, Asia and Europe, we deliver data-based visibility and insights, higher savings and better control of transportation spend for shippers and 3PLs/4PLs of all sizes. Visit us at www.traxtech.com.