AUSTIN, Texas, Nov. 8, 2021 /PRNewswire/ -- Magnus
Technologies, an enterprise trucking and logistics management
software provider, announces the completion of its Series A growth
financing with LKCM Headwater. The new funding builds on previous
investments by global investment firm Carlyle (NASDAQ: CG) and BCG
Digital Ventures, the corporate innovation and business building
arm of Boston Consulting Group.
"LKCM Headwater is excited to provide growth capital for proven
products and management teams to accelerate growth.
Magnus has 20 years of experience developing and deploying
enterprise transportation management software (TMS) platforms for
truckload and less-than-truckload carriers of all sizes, beginning
with a market leading TMS solution for auto haulers.
The new capital investment in Magnus will accelerate growth for
the company's enterprise Software-as-a-Service (SaaS) TMS platform
in the $700 billion domestic
truckload, less-than-truckload, and freight logistics market.
"Most TMS suppliers are still using an outdated client-server
technology stack. This requires transportation companies to make
large, up-front investments in hardware and software and endure
long implementation cycles," said Matt
Cartwright, Chief Executive Officer of Magnus Technologies.
"Our modern, SaaS-based TMS platform delivers unmatched
functionality at higher levels of security, stability and
efficiency."
Magnus chose to partner with LKCM Headwater for the private
equity firm's solid understanding and experience in transportation
and logistics, among other industrial sectors, to help Magnus
tackle the complexities of growth.
"LKCM Headwater is excited to provide growth capital for proven
products and management teams to accelerate growth. In the case of
Magnus, we see an incredible opportunity to partner with Matt and
his team to bring an already robust and forward thinking TMS
platform to the broader market," said Jonathon Miller, Principal of LKCM Headwater, a
private equity firm based in Fort Worth,
Texas.
Transportation companies that use legacy client-server TMS have
SaaS-based versions of electronic logging devices (ELDs), fuel
payments, and many other systems. Cartwright sees an accelerated
migration to SaaS-based TMS now that a full, enterprise-class
platform is available and can be rapidly deployed by trucking and
logistics operations.
"We are super focused on doing fast implementations so our
customers will experience minimum disruption," Cartwright said.
Magnus has a deep-rooted history in developing a SaaS-based TMS
that meets the complex business needs of auto haulers. In 2017 the
company received an initial investment from Carlyle to expand the
platform in the full trucking and logistics market.
BCG Digital Ventures invested in 2019, helping Magnus further
expand and deepen its TMS to meet the needs of truckload carriers
of all sizes. Today the Magnus TMS is used by motor carriers and
logistics providers that collectively process billions in freight
transactions annually.
Chris Stutzman, Managing Director
and Partner, BCG Digital Ventures added, "We are thrilled to be
part of Magnus' story, having engaged in the pre-Series
A phase to help shape the product roadmap and business plan to
scale."
With the new Series A investment, Magnus will continue to
improve its already mature TMS platform with features that give
transportation and logistics companies a competitive edge. Magnus
is also expanding teams in sales, product implementation and
support.
About Magnus Technology Group
Magnus Technology Group,
headquartered in Austin Texas, has
20 years of experience designing, developing, and delivering
enterprise TMS software. Magnus is the first software provider in
the transport and logistics industry to offer an enterprise
SaaS-based TMS that is affordable and scalable to fleets of all
sizes. The all-new Magnus TMS platform is modular and works
seamlessly with the Magnus Driver App and Magnus Carrier Advantage
network to deliver a complete, end-to-end mobile dispatch and order
fulfillment solution to truckload and LTL fleets for maximizing
profitability and growth.
To learn more visit www.magnustech.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/magnus-announces-series-a-financing-to-accelerate-growth-in-trucking-industry-301418830.html
SOURCE Magnus Technologies