Trax Technologies and Veraction agreed to merge. The combined business will offer customers a single global technology platform across all shipping modes and a leading suite of transportation spend management analytics.
PNC Business Credit and White Oak Global Advisors provided senior secured financing to support the transaction.
The integrated company will retain the Trax name and combine the leadership teams of both companies. Chris Connell, former CEO of Veraction, will lead the combined company as CEO of Trax Group.
“Many of the world’s largest shippers have already turned to Trax and Veraction to better control their transportation costs and save money,” said Connell, “This combination brings together the two clear leaders in this industry with rich legacies, innovative solutions and deeply talented teams with an intense customer focus.”
Trax Technologies offers freight audit and payment solutions through easy-to-use SaaS technologies, helping customers reduce risk, save money and improve enterprise-wide efficiency.
