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Home » Private equity firm takes control of ocean e-commerce portal Inttra
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Private equity firm takes control of ocean e-commerce portal Inttra

February 9, 2010
Mark B. Solomon
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A private equity firm has invested $30 million in the ocean freight e-commerce platform Inttra, and in so doing wrested control of the company from its original steamship owners.

The investment by Baltimore-based ABS Capital Partners puts 51 percent of Inttra's ownership in the hands of the private equity firm, which specializes in investing in relatively young companies with proven track records. Inttra was founded in 2001 as an open e-commerce pOréal to support electronic ocean freight transactions. Until now, the Parsippany, N.J.-based company was controlled by seven steamship lines and freight forwarder Kuehne + Nagel.

Inttra said in a Jan. 29 press release that the funding from ABS will allow it to develop a "new commercial strategy" that includes creating a dedicated sales staff for carrier and high-volume shipper accounts, as well as a "professional services program" to facilitate e-commerce transactions in the ocean freight segment.

Don Hebb, ABS's chairman, and Bobby Goswami, the firm's general partner, will join Inttra's board. Long-time CEO Ken Bloom will remain in his current post. Hebb will become chairman of Inttra.

It is expected that none of the now-minority members will cash out their investment and leave the partnership.

Inttra had a banner year in 2009 as the severe global economic contraction failed to dull a growing appetite for e-commerce transactions in the ocean freight business. Last year, Inttra set a record in the number of container transactions handled and reported a 34-percent increase in what it termed "network connections."

Transportation Technology Maritime & Ocean Transportation & Load Planning (TMS)
KEYWORDS Inttra Kuehne + Nagel
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Marksolomon
Mark Solomon joined DC VELOCITY as senior editor in August 2008, and was promoted to his current position on January 1, 2015. He has spent more than 30 years in the transportation, logistics and supply chain management fields as a journalist and public relations professional. From 1989 to 1994, he worked in Washington as a reporter for the Journal of Commerce, covering the aviation and trucking industries, the Department of Transportation, Congress and the U.S. Supreme Court. Prior to that, he worked for Traffic World for seven years in a similar role. From 1994 to 2008, Mr. Solomon ran Media-Based Solutions, a public relations firm based in Atlanta. He graduated in 1978 with a B.A. in journalism from The American University in Washington, D.C.

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