Freight management technology provider GlobalTranz Enterprises Inc. said today it has acquired freight brokerage firm Logistics Planning Services (LPS) in a move to increase GlobalTranz's market share in third-party logistics (3PL) services.
Terms of the deal were not released.
Taking over Minneapolis-based LPS will expand the types of freight GlobalTranz is able to move, adding large-scale and specialty freight management to the company's roster of services, the Phoenix-based company said.
"LPS will enable GlobalTranz to immediately increase its focus and market share in managed transportation, which is directly in line with our vision to further our leadership in the 3PL industry," Bob Farrell, chairman and CEO of GlobalTranz, said in a statement. "In addition, LPS brings additional scale to our freight brokerage operations and extends the type of freight we can move for our clients."
The acquisition comes a month after GlobalTranz launched an enterprise freight management platform intended to help shippers, carriers, and freight agents to manage capacity constraints. In 2016, GlobalTranz spun off the logistics software startup 10-4 Systems Inc., a provider of real-time shipment tracking and fleet-management software.
LPS, a family-owned company that has been in business for 30 years, has an extensive managed-transportation client base. The company plans to continue serving those customers after the acquisition goes through, and will leverage Global Tranz's scale to grow its segments, LPS CEO Kirsten Castillo Hall said in a statement.
LPS' former president, Justin Hall, was hired by less-than-truckload (LTL) carrier YRC Worldwide, Inc. last June as YRC's chief customer officer.