Mercury Gate, a leading independent provider of real-time transportation management system (TMS) software, has been acquired by the growth equity investor Summit Partners.
The investment firm announced their purchase late last month but failed to disclose any of the terms of the deal.
Mercury Gate was founded in 2000 by CEO Monica Wooden and President Steve Blough and went on to manage more than $70 billion of annual freight spent in the last year alone.
Their TMS supported over 300,000 daily logins from 80 different countries in this time.
They describe themselves as one of the ‘most comprehensive SaaS-based TMS solutions in the market’, and uniquely address a variety of customer segments such as shippers, 3PL, freight forwarders, freight brokers and carriers.
CEO Monica Wooden, who will now transition into a customer-facing role as Chief Revenue Officer, said: “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.
“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.”
President Steve Blough will continue as Chief Product Officer, with Joe Juliano, an Executive-in Residence joining the team from Summit as a President and CEO, working closely with both Monica and Steve to drive growth.
“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 Mercury Gate 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.”
Mr Juliano brings with him a wealth of experience in both supply chain and SaaS software, as well as a certain expertise in optimising go-to-market strategies.
Before joining Summit’s EIR program, Mr Juliano was CEO of IQNavigator, a provider of SaaS solutions that enabled businesses to source, manage and pay their workforces.
“Mercury Gate 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 Mercury Gate team and to leverage Summit’s growth-oriented strategic and operational resources to build upon Mercury Gate’s strong foundation and expand its global footprint.”
Summit Partners boast huge experience in investment of emerging companies, striking partnerships with over 475 different business in tech, health care, and other growing industries.
“Mercury Gate offers a strong product with incredibly rich functionality,” said C.J. Fitzgerald, a Managing Director with Summit Partners, who will also join the Mercury Gate 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.”