Trucking and logistics provider Schneider will invest an unspecified amount of money in Mastery Logistics Systems, the cloud-based transportation management system (TMS) software startup created by former Coyote Logistics LLC CEO and co-founder Jeff Silver, the firms said today.
Terms of the deal were not disclosed.
Mastery has also initialized a phased implementation with Schneider beginning with its brokerage division. That move allows Schneider to “continue to explore ongoing opportunities that will accelerate the convergence of its asset and non-asset capabilities,” according to the Green Bay, Wisconsin-based transportation powerhouse with $5 billion in annual revenue.
Silver and his wife Marianne founded Coyote in 2006 before the freight brokerage was acquired by UPS Inc. in 2015 for $1.8 billion. He initially joined Atlanta-based UPS but left the company within a few years.
In 2019, Silver launched Mastery, saying the software-as-a-service (SaaS)-based TMS could help large shippers, carriers, and logistics service providers (LSPs) manage complex transportation needs in an efficient, cohesive, and intelligent way. The firm says its platform allows large brokers, third party logistics providers (3PLs), and shippers “to benefit from the progress of technology and connectivity." Mastery’s initial offering is a TMS built for large freight brokerages and 3PLs, while the firm says a follow-on, shipper-focused TMS will available soon.
“The industry needs a system that brings value while still allowing a company to benefit from the use of their own secret sauce,” Silver said in today’s release. “MasterMind is meant to be collaborative in every sense. We are building a strategic partnership within the Mastery and Schneider teams to achieve operational excellence, speed, and optimal resource allocation for the Schneider network.”
Schneider’s new investment in the startup will provide the capital and expertise to allow both companies to leverage their shared resources in a future working together, the company said. More specifically, Mastery’s “MasterMind” product will integrate with Quest—Schneider’s initiative to simplify its complex menu of IT tools into a centralized hub—and with the company’s various other “externally provided systems” to support Schneider’s proprietary business intelligence, reporting, and other key technology tools.
“Partnering with an industry visionary like Jeff Silver will help accelerate our efforts to build next generation freight technologies. This partnership enables the creation of an industry leading TMS that benefits Schneider, our customers, and the industry at large,” Shaleen Devgun, Schneider’s executive vice president and CIO, said in a release. “MasterMind not only brings significantly enhanced efficiencies to Schneider, but it will also become the TMS of choice for large, complex shippers, carriers, and logistics service providers.”
Exciting News!! --> We are proud to announce our new partnership with Mastery Logistics Systems. Together, Schneider and Mastery will embrace #innovation, while continuing to serve our customers and keep the #supplychain moving. #FreightTech https://t.co/oNfswZespx pic.twitter.com/GHny7Q1Zji— Schneider (@WeAreSchneider) July 20, 2020