Trucking software firm Tenstreet Inc. announced that it has received an unspecified investment from Spectrum Equity, a Boston-based investment firm, to support development of new products and to grow the business.
Founded in 2006 in Tulsa, Oklahoma, Tenstreet’s web-based software programs are designed to replace paper-based processes used by motor carriers to recruit and hire truck drivers. The company maintains a database of more than 3.5 million drivers and autopopulates more than 150,000 online applications each month, according to company officials.
“Tenstreets’s innovative product suite has disrupted a work flow that has historically been offline, utilizing file cabinets and fax machines,” Jake Heller, a principal at Spectrum Equity, said in a statement released Nov. 16. “It’s been exciting to watch the company build online category leadership over the years with such a unique and differentiated platform.”
Heller, along with Managing Director Chris Mitchell and Govind Anand of Spectrum Equity, will join Tenstreets’s board of directors. Craig Johnson and Tim Crawford, two of five founders of the business, will serve as chairman and CEO, respectively, going forward.
