MacroPoint Lands $44 Million Investment From Equity Firm
Investment fund Susquehanna Growth Equity has invested $44 million in transportation technology provider MacroPoint, the companies said Nov. 14.
“Having SGE’s experience in rapidly scaling businesses will help us realize our vision of providing global, multimodal supply chain visibility,” MacroPoint CEO Bennett Adelson said.
Ben Weinberg, a director of SGE, based in Bala Cynwyd, Pennsylvania, said MacroPoint is “way ahead of the competition." "As shippers increasingly demand visibility solutions, MacroPoint’s network and intellectual property portfolio are ideally positioned to serve it,” Weinberg said.
MacroPoint uses cloud-based computing to provide load-monitoring and tracking for shippers and logistics providers, even when a truck does not have an in-cab communications device. The system can use an owner-operator’s electronic logging device or cellphone.
The Cleveland-based company said it is hooked up with more than 800,000 drivers to provide services for more than 3,000 customers and tracks more than 2 million loads per year.
The MacroPoint statement said the private equity funding will allow the company to accelerate investment in product and network expansion, domestically and abroad.
MacroPoint also said Dan Dershem, founder and former CEO of LeanLogistics, and Ronald Kasner, chief financial officer of iCIMS, a provider of talent management software, will be added to the board of directors.
