Welcome!

Cloud Expo Authors: Pieter Van Heck, Elizabeth White, Shelly Palmer, Maxime Charlès, Liz McMillan

News Feed Item

Trax Technologies Attracts $10 million Equity Investment

A Scottsdale-based technology company received an infusion of $10 million in private-equity investment. The company, Trax Technologies, serves global shippers and transportation carriers. Trax will use the cash to help further reduce shipping costs and improve supply-chain efficiencies for a growing range of customers.

Trax provides software as a service (or SaaS) technology and managed services to help its customers process invoices for freight shipment and logistics services. In business for 20 years, the company now processes more than 100 million freight bills a year, valued at about $13 billion. Trax’s customers number among the world’s biggest shippers and their logistics service providers.

The investment, from River Cities Capital Funds (or RCCF) and Capital Southwest Corporation, is Series B funding.

“Our services enable the industry to think differently about freight audit and payment processing for logistics invoices,” said J. Scott Nelson, CEO of Trax. “Today shippers are led to believe they have to audit their freight invoices because they are being overcharged. But that fear-based thinking limits value creation by putting all focus on repeatedly finding versus eliminating defects at the root cause.”

Trax focuses instead on understanding and eradicating the defects in the logistics order to cash cycle -- from invoice creation to payment, Nelson said. “Our technologies manage the complexity of different currencies, languages, information systems, laws and regulations, and hundreds of points of potential failure in the settlement process,” Nelson said. “We collect, correct and consolidate freight-related data. We turn it into valuable information that can help carriers and shippers increase supply-chain efficiency, reduce cost, improve visibility and simplify their settlement processing.”

“I believe we’re unique in offering both shippers and their logistics service providers such a wide range of benefits,” Nelson said. “We provide clarity, visibility and intelligence in managing freight spending and receivables. We reduce financial risk and labor cost for all parties in the transaction. And we improve cash management.”

The investment from RCCF and Capital Southwest will help Trax further enhance technologies and services, serve our customers better, and accelerate the company’s “already fast growth,” Nelson said.

The investment is the first of RCCF’s new River Cities Fund V. “Trax is the leading global provider of solutions that manage transportation related spend,” says Rob Heimann of River Cities, who will join the Trax board of directors. “Trax is entering a period of tremendous growth as global customers focus on controlling costs, enhancing transparency, reducing financial risks and shortening supply chains.”

About Trax Technologies

The company is headquartered in Scottsdale, Arizona, with operating centers in Scotland, Costa Rica, Singapore and the Philippines. Trax’s customers spent more than $13 billion on shipping and transportation costs in 2012. Trax processed an average of three logistics bills and three supporting documents during every second of the year. For more information please visit www.traxtech.com.

About River Cities Capital Funds

River Cities Capital Funds provides equity financing and business acumen to high-potential private companies that are ready to expand. The firm focuses on the IT and Healthcare sectors. It has more than $500 million under management and is actively seeking new investments for Fund V. For more information, please visit www.rccf.com.

About Capital Southwest Corporation

Since Capital Southwest’s formation in 1961, the company has always sought to invest in companies with strong management teams and sound financial performance. As a public company, Capital Southwest is fortunate to have the flexibility to hold investments indefinitely. Dedication to this patient investment strategy enables Capital Southwest’s portfolio companies to achieve their full potential. Visit www.capitalsouthwest.com to learn about Capital Southwest’s investment criteria and to see how the company’s capital can accelerate the growth of your company.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Cloud Expo Breaking News
“The Internet of Things is a wave that has arrived and it’s growing really fast. The concern at Aria Systems is making sure that people understand the ramifications of their attempts to monetize whatever it is they build on the Internet of Things," explained C Brendan O’Brien, Co-founder and Chief Architect at Aria Systems, in this SYS-CON.tv interview at the Internet of @ThingsExpo, held June 10-12, 2014, at the Javits Center in New York City. Internet of @ThingsExpo 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading IoT industry players in the world.
“About two years ago Brother launched a new group called Brother Online. We thought it was a good idea for a hardware company to get into the cloud services market and our first step into that market was web conferencing,” explained Courtney Behrens, Senior Marketing Manager at Brother International, in this SYS-CON.tv interview at the 14th International Cloud Expo®, held June 10-12, 2014, at the Javits Center in New York City. Cloud Expo® 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading Cloud industry players in the world.
"So many teams have been stuck in their own practices for the last ten years and it's really hard to sell all the latest and greatest tools, but the reality is all the tools around operations have evolved so much you are starting to see a big shift toward upgrading that tool set, focusing more on automation, more on cloud," explained Dustin Whittle, Developer Evangelist at AppDynamics, in this SYS-CON.tv interview at the DevOps Summit, held June 10-12, 2014, at the Javits Center in New York City.
“We provide disaster recovery services as well as solutions. We also provide back-up solutions that work across your internal on-premise assets as well as in the public and private cloud," stated Joel Ferman, Vice President of Marketing at InMage Systems, in this SYS-CON.tv interview at the 14th International Cloud Expo® (http://www.CloudComputingExpo.com/), held June 10-12, 2014, at the Javits Center in New York City. Cloud Expo® 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading Cloud industry players in the world.
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US and large in-house IT organizations.
“Distrix fits into the overall cloud and IoT model around software-defined networking. There’s a broad category around software-defined networking that’s focused on data center, and we focus on the WAN,” explained Jay Friedman, President of Distrix, in this SYS-CON.tv interview at the Internet of @ThingsExpo, held June 10-12, 2014, at the Javits Center in New York City. Internet of @ThingsExpo 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading IoT industry players in the world.
“Dell Cloud Manager is a cloud management environment for the consumption of cloud resources and we provide a consistent interface, both in terms of API and in terms of user interface for doing a wide variety of activities core to deploying and operating software in cloud," explained James Urquhart, Technologist & Director of Cloud Management Solutions at Dell, in this SYS-CON.tv interview at the 14th International Cloud Expo®, held June 10-12, 2014, at the Javits Center in New York City. Cloud Expo® 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading Cloud industry players in the world.
SYS-CON Events announced today that the Cloud Standards Customer Council (CSCC ) has been named “Media Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. The Cloud Standards Customer Council is an end user advocacy group dedicated to accelerating cloud's successful adoption, and drilling down into the standards, security and interoperability issues surrounding the transition to the cloud. The Council will provide cloud users with the opportunity to drive client requirements into standards development organizations and deliver materials such as best practices and use cases to assist other enterprises.
“Ambernet Technologies is an innovative software company and we’ve been very focused on building enterprise grade cloud management and cloud brokerage software," explained Troy Halford, CSO of Ambernet Technologies, in this SYS-CON.tv interview at the 14th International Cloud Expo®, held June 10-12, 2014, at the Javits Center in New York City. Cloud Expo® 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading Cloud industry players in the world.
“We introduced our product called AgilData. It’s basically the first Agile view, a streaming view of looking at a database and data as a streaming real-time dynamic capability," explained Cory Isaacson, CEO/CTO of CodeFutures Corporation, in this SYS-CON.tv interview at the 14th International Cloud Expo®, held June 10-12, 2014, at the Javits Center in New York City. Cloud Expo® 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading Cloud industry players in the world.
“As the move to the cloud started, we stayed ahead of that by providing security solutions to our enterprise customers, financial customers, and now a whole new range of customers, which are application developers," explained John Gunn, VP of Corporate Communications for VASCO Data Security, in this SYS-CON.tv interview at the 14th International Cloud Expo®, held June 10-12, 2014, at the Javits Center in New York City. Cloud Expo® 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading Cloud industry players in the world.
The industry is heated with debates on whether adopting private or public cloud is the smartest, best, cheapest, you name it choice. But this debate is missing the mark. Businesses shouldn’t be discussing public vs. private, but rather how can they make the two work together to their greatest advantage. The ideal is to merge on-premise and off-premise into a seamless environment that can be managed as a single entity – a forward-looking stance that will eventually see major adoption. But as of late 2013, hybrid cloud was still “rare,” noted Gartner analyst Tom Bittman. In his session at 15th Cloud Expo, Marten Mickos, CEO of Eucalyptus Systems, will discuss how public clouds need on-premise satellites to win and, conversely, how on-premise environments cannot be really powerful unless they are connected to the public cloud. It’s not two competing worlds; it’s two dimensions of the same world.
SYS-CON Events announced today that the Wall Street Technology Association (WSTA) has been named "Association Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. The Wall Street Technology Association (WSTA®) provides financial industry technology professionals, vendors, service providers, and consultants with forums to learn from and connect with each other. The WSTA facilitates seminars and networking events where members meet and exchange ideas and best practices that assist them in effectively capitalizing on technology advances and dealing with financial industry business challenges. Founded in 1967, the WSTA is a not-for-profit association with a long history of evolving to meet the needs of its members.
“We just completed the roll out of our first public and private cloud offerings, which are a combination of public, hybrid, and private cloud,” stated Erik Levitt, CEO of Open Data Centers, in this SYS-CON.tv interview at the 14th International Cloud Expo®, held June 10-12, 2014, at the Javits Center in New York City. Cloud Expo® 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading Cloud industry players in the world.
“Veeam Cloud Connect is about being able to connect service providers with Veeam end users and Veeam customers and giving Veeam customers a quick, easy and secure way to get their backup files up to the cloud,” explained Doug Hazelman, VP, Product Strategy, and Chief Evangelist at Veeam, in this SYS-CON.tv interview at the 14th International Cloud Expo®, held June 10-12, 2014, at the Javits Center in New York City. Cloud Expo® 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading Cloud industry players in the world.