Envase Technologies has expanded its transportation management system (TMS) offering in the intermodal container and drayage space by acquiring SecurSpace, an online marketplace that connects truckers with available parking and storage lots.
“SecurSpace is highly complementary to our existing functionality, offering a technology-driven marketplace where trucks, chassis and containers can be stored in over 1,000 yards nationwide,” said Envase CEO Larry Cuddy Jr. in a statement.
“This is an essential need in the industry and one of several important links in the intermodal chain,” he added.
Financial terms of the acquisition were not disclosed.
Envase was formed in June through the combination of longtime intermodal container and drayage TMS providers Profit Tools, Compcare Services and GTG Technology Group, which were acquired by investment firm Firmament Group between 2018 and May 2020. Cuddy, former president of Profit Tools, was placed in charge of the new company.
SecurSpace was formed in 2016 and led by Lance Theobald. Cuddy told American Shipper that the name SecurSpace will be retained in the acquisition and Theobald will remain the company’s CEO, as well as become a member of the Envase board.
Since its inception, Envase has rapidly expanded its trucker client base. “The coronavirus has actually been good to us,” Cuddy said.
Cuddy said the Envase platform supports many new workplace requirements driven by COVID-19, such as cloud-based operating systems, work-from-home truck dispatch and dispatch optimization, paperless workflows, and remote invoicing and driver pay.
Drivers are also using the Envase platform on their mobile devices, allowing them to manage freight load documents without returning to the office, minimizing person-to-person contact during the pandemic, Cuddy said.
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Click for more FreightWaves/American Shipper articles by Chris Gillis.