ArcBest Builds on Commitment to Innovative Technology with $25 Million Investment in Phantom Auto

Rhea-AI Summary

ArcBest (Nasdaq: ARCB) has announced a strategic investment of $25 million in Phantom Auto, a provider of remote operation software, positioning itself as the lead investor in Phantom Auto's Series B offering. This move aligns with ArcBest's commitment to technological innovation, as the company invests approximately 4% of its annual revenue in such initiatives. Chief Innovation Officer Michael Newcity will join Phantom's Board of Directors, enhancing collaboration. This investment supports ArcBest’s growth and aims to address challenges within the supply chain industry, reinforcing its innovative culture.

Positive

• Strategic $25 million investment in Phantom Auto enhances technological capabilities.
• Investment aligns with ArcBest's focus on innovation and growth in supply chain logistics.
• Michael Newcity joining Phantom Auto's Board fosters collaboration and oversight.

Negative

• None.

FORT SMITH, Ark., Jan. 19, 2022 /PRNewswire/ -- ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today announced it has invested $25MM in Phantom Auto, the leading provider of human-centered remote operation software. As part of the company's agreement to be the lead investor of Phantom Auto's Series B Preferred offering, Michael Newcity, ArcBest Chief Innovation Officer and President of ArcBest Technologies, will join the Phantom Auto Board of Directors.

"As ArcBest continues on its rapid growth trajectory, we are focused on optimizing our performance through technological innovation," said Judy R. McReynolds, chairman, president and CEO of ArcBest. "Phantom Auto strategically aligns with our long-term goals, complementing ArcBest's existing innovation pipeline, technology roadmap and partnerships, and building on the important work already underway to support our customers' success. This investment reflects our vision of great people leveraging smart technology to strengthen performance and relationships to benefit all of our stakeholders, including our shareholders."

ArcBest's investment in Phantom Auto is championed by its technology company, ArcBest Technologies, which is focused on delivering custom-built, disruptive solutions that move the global supply chain forward. Approximately four percent of ArcBest's annual revenue is spent on technology and innovation, with nearly half of this budget dedicated exclusively to growth and transformative initiatives like those developed at Phantom Auto.

"ArcBest has a rich history of delivering leading-edge technology that makes it easier for customers to do business — it is central to our ongoing strategy. We continuously analyze emerging technologies and collaborate with partners to develop modern logistics solutions," said Newcity. "Phantom Auto is solving fundamental challenges facing the supply chain industry, and this investment aligns perfectly with our commitment to advancing a culture of innovation and enabling a more efficient and sustainable supply chain."  

Nearing its 100^th anniversary, ArcBest has stood the test of time due in large part to the company's commitment to ensuring its people and technology grow and change with the industry. This investment in Phantom Auto is key to the future of work in the logistics space, and ArcBest is committed to providing its team with the tools, resources and curriculum needed to continue to develop and thrive.

ABOUT ARCBEST 
ArcBest® (Nasdaq: ARCB) is a multibillion-dollar integrated logistics company that helps keep the global supply chain moving. Founded in 1923 and now with over 14,000 employees across more than 250 campuses and service centers, the company is a logistics powerhouse, fueled by the simple notion of finding a way to get the job done. Through innovative thinking, agility and trust, ArcBest leverages its full suite of shipping and logistics solutions to meet customers' critical needs, each and every day. For more information, visit arcb.com.

ABOUT PHANTOM AUTO 
Phantom Auto specializes in remote operation of all types of vehicles. Phantom's interoperable solution enables people to remotely supervise, assist, and drive vehicle fleets from up to thousands of miles away – including forklifts, robots, trucks, and more. The company's proprietary software delivers secure, low-latency communication over volatile wireless networks for reliable sensor streaming and safe vehicle control. For more information about Phantom, visit phantomauto.com.

Media Contact: Autumnn Mahar
Email: amahar@arcb.com
Phone: 479-494-8221

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/arcbest-builds-on-commitment-to-innovative-technology-with-25-million-investment-in-phantom-auto-301463591.html

SOURCE ArcBest

FAQ

What is ArcBest's recent investment amount in Phantom Auto?

ArcBest has recently invested $25 million in Phantom Auto.

What role will ArcBest's Chief Innovation Officer play in Phantom Auto?

Michael Newcity, ArcBest's Chief Innovation Officer, will join Phantom Auto's Board of Directors.

How much of ArcBest's revenue is allocated to technology and innovation?

Approximately 4% of ArcBest's annual revenue is dedicated to technology and innovation.

What is the purpose of ArcBest's investment in Phantom Auto?

The investment aims to enhance technological capabilities and address supply chain challenges.