Investment firm Summit Partners announced the acquisition of MercuryGate International Inc., a provider of SaaS-based transportation management system solutions.
Terms were not disclosed.
MercuryGate, founded in 2000, managed more than $70 billion of annual freight spend and supported more than 300,000 daily logins from 80 countries last year.
Its solutions are unique in their support of all modes of transportation on a single platform — including parcel, less-than-truckload, truckload, air, ocean, rail and intermodal, according to Cary, N.C.-based MercuryGate.
“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,” MercuryGate CEO Monica Wooden said.
“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,” she said.
Menlo Park, Calif.-based Summit reported it has invested in more than 475 companies in technology, health care and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales.
As part of this transaction, Wooden will transition into the role of chief revenue officer, while co-founder and President Steve Blough will become chief product officer.
Joe Juliano, an executive-in-residence with Summit Partners and software industry leader, will join MercuryGate as president and CEO.
“I’m excited to collaborate with Monica, Steve and the MercuryGate team and to leverage Summit’s growth-oriented strategic and operational resources to build upon MercuryGate’s strong foundation and expand its global footprint,” Juliano said.
Before joining Summit’s EIR program, Juliano was CEO of IQNavigator, a provider of SaaS solutions that enables businesses to source, manage and pay contingent workforces.
At the same time, C.J. Fitzgerald, a managing director with Summit Partners, also will join the MercuryGate board.
“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,” Fitzgerald said.