Freight marketplace and load board service operator Truckstop.com has sold a majority interest in the company to investment firm ICONIQ Capital, and plans to use the new resources to expand its portfolio of technology solutions, the company said today.
Terms of the deal were not disclosed, but New Plymouth, Idaho-based Truckstop.com said its founder, Scott Moscrip, and its existing management team would maintain a "significant" ownership stake in the company.
As Truckstop.com's new majority shareholder, San Francisco-based ICONIQ said it valued Truckstop.com's technology platform that removes friction for parties within the freight ecosystem and supports a network of transportation professionals across the country. "The $1 trillion freight industry is primed for incredible growth and technology adoption in the coming years, as tech-enabled platforms are increasingly essential for managing operations, reducing costs and improving efficiency," Will Griffith, partner at ICONIQ Capital, said in a release.
Truckstop.com says its solutions include: freight matching; marketplace rates; partner vetting tools; credit and insurance insights; transactional cargo insurance; freight tracking and visibility; transportation management systems (TMS); integrations with industry software partners; and payment solutions.
In a blog post, Truckstop.com CEO Paris Cole said the investment would not change the firm's strategy in providing those products for its users. "You, our customer, remain our top priority. We will continue to provide you with innovative technology solutions to grow your business," Cole said in the blog. "This investment allows us to focus on improving your experience and expanding our product portfolio for carriers and brokers alike."
According to Cole, ICONIQ will support Truckstop.com's goal of product innovation and join in the company's mission to simplify the freight lifecycle for carriers and brokers.
Truckstop.com has been growing fast in recent months, acquiring the freight bill financing firm D&S Factors LLC and the freight transportation software vendor Grizella LLC. Also in 2018, the company announced a partnership with supply chain consultancy Chainalytics and an integration with transportation management system (TMS) vendor MercuryGate International Inc.