Accellos Closes $28.5 Million in Series B Financing to Fund Future Growth and Acquisitions
Monitor Clipper Partners joins current Accellos board in new investment to accelerate expansion of supply chain software product line and geographic footprint.
Colorado Springs, CO (September 30, 2008) –
Accellos Inc., a leading provider of logistics, warehouse, 3PL, transportation, and mobile resource management solutions announced today that it has closed $28.5 million in Series B private equity funding. The new investment comes from funds affiliated with Monitor Clipper Partners, LLC, as well as Accellos’ current group of investors, including the group who co-founded Accellos, Colorado based Centennial Ventures.
Accellos will use the funds to finance future acquisitions that expand Accellos’ product functionality and geographic footprint. A portion of the funds will be used to acquire Prophesy Transportation Software , a leading provider of solutions in the trucking industry. The acquisition will add over 1,200 fleets to the Accellos family of customers.
“Our goal has always been to provide our customers with innovative, cost-effective supply chain solutions,” says Michael Cornell, Chief Executive Officer, Accellos, Inc., “and in doing so, provide the best customer experience in the industry. This new round of funding allows us to expand globally, provide even more stability for our customers and their technology investments and round out our product suite with new, innovative solutions.”
“Accellos has changed the way small and medium businesses improve their supply chains with technology,” said Monitor Clipper partner Travis Metz. “The market for supply chain solutions is fragmented and Accellos provides their customers with a single-source technology partner for warehousing, logistics, trucking, transportation, mobility and business intelligence. In addition to their skill at integrating new acquisitions in ways that provide immediate customer and shareholder value, we were impressed by their ability to drive organic growth in software revenue in this market. Future acquisitions will add even greater scale and increased ability to innovate in the supply chain industry.”
“Accellos is increasing scale at the same time we’re seeing small to medium supply chain companies prepare for adoption of automated technologies” said Cornell. “Our scale allows us to deliver on all fronts. We’re hitting our stride at the right time in the right market.”
“Innovation and a sustainable competitive advantage are key considerations for us,” said Metz. “Accellos impressed us with their high levels of customer satisfaction and the breadth of their vision for the supply chain market. They’re essentially creating a new category of software provider in the SMB space.”
Accellos’ lead in innovation hinges on its ability to provide many layers of supply-chain functionality – warehousing, logistics, trucking, transportation and mobility – in a single product suite appropriately named Accellos One. Other providers in the SMB space must rely on a patchwork of different technologies to achieve the same solution that Accellos provides. Accellos One is a supply chain execution suite for small to mid-sized businesses built upon Microsoft .Net and Silverlight technologies. It combines Accellos solutions using the latest in composite application techniques.
“I think the best measure of our success,” said Cornell, “is the number of happy customers in our family. You can’t create happy customers. Happy customers are the result of great employees, solid products and a commitment to a shared vision. We deliver sophisticated solutions, but at the same time shield the average user from an incredible amount of complexity behind the scenes in a simple user interface that makes sense for the industries they serve. We’ve been quietly doing great things the last two years, and with this additional funding from our valued partners we plan on just accelerating our vision of providing the best solutions, innovation, customer satisfaction, and culture in the Supply Chain software market.”
About Monitor Clipper Partners, LLC
Monitor Clipper Partners is a Cambridge-based investment firm that currently manages over $2 billion in assets. It was formed in 1998 and makes private equity investments in middle market buyouts and later-stage growth companies. For more information, please visit http://www.monitorclipper.com.
About Accellos, Inc.
Accellos is a global provider of logistics, warehouse, 3PL, transportation and mobile fleet management solutions. Accellos addresses the supply chain management and execution market with warehouse management systems for multiple environments; Microsoft Windows-based transportation management solutions; and in-field mobile resource management solutions. Accellos’ powerful supply-chain execution solutions are easy to customize and implement, providing our customers with more innovation for less investment while producing significant savings and greater profitability. Through a culture of innovation, Accellos strikes the perfect balance of customer satisfaction, employee fulfillment and shareholder value, delivering greater profitability and rapid return on investment for our customers and accelerated logistics and warehousing services for the clients they serve. For more information about Accellos, email info @ accellos.com or visit http://www.accellos.com.
Media Contact:
Matthew Turner
VP Marketing
Accellos, Inc.
T: 719.433.7024
matthew.turner @ accellos.com
Source: Accellos
