Load board operator Truckstop.com continues its quest to offer a broader range of business services with the acquisition of D&S Factors, a company based in Fruitland, Idaho, that provides accounts receivable financing to freight brokers and motor carriers.
The deal is the second major acquisition for Truckstop.com in the last two months.
In July, Truckstop.com purchased Grizella, a software developer with expertise in safety management and process automation and based in Hebron, N.D.
Terms were not disclosed for either transaction.
“Merging with a company like D&S Factors is an exciting new step for us,” said Paris Cole, CEO of Truckstop.com. “We’re looking forward to bringing their entire team into the Truckstop.com family.”
Founded in 1995, Truckstop.com played a key role in popularizing the use of electronic load boards to match shipments with carriers and in recent years has moved to add insurance, load tracking, freight payment and rate forecasting to its service offerings.
To head up its newest business, Truckstop.com named Roy Banks, a member of its board of directors, to serve as president of D&S Factors and LoadPay, the company’s existing payment service.
Banks joins Truckstop.com after serving as CEO of Network Merchants Inc., a provider of payment-enabling technologies for e-commerce. He has also served as president of Authorize.net and Accelerated Payment Technologies (formerly CamCommerce) and has more than 20 years’ experience in management, strategic planning, sales and finance, manufacturing and distribution.
“There’s tremendous opportunity to simplify and bring payment efficiencies to the transportation industry,” Banks said in a statement issued Aug. 27, “and with my deep payment processing industry experience, I’m excited to guide, lead and grow both D&S Factors and LoadPay into the leading transportation payments solution.”