Magnus announces Series A Financing to Accelerate Growth in Trucking Industry
Magnus Technologies, based in Austin, Texas, has successfully completed its Series A growth financing round with LKCM Headwater, following prior investments from Carlyle and BCG Digital Ventures. The funding aims to accelerate the growth of its enterprise Software-as-a-Service (SaaS) Transportation Management System (TMS) within the $700 billion logistics market. Magnus focuses on modernizing TMS solutions for trucking companies, enhancing implementation speed and reducing legacy system burdens.
- Secured Series A funding from LKCM Headwater to accelerate growth.
- Previous investments from Carlyle and BCG Digital Ventures strengthen financial backing.
- Aiming to expand its enterprise SaaS TMS platform for a $700 billion market.
- Implementation focus minimizes disruption for customers.
- None.
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.
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
"Most TMS suppliers are still using an outdated client-server technology stack.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
FAQ
What is the significance of Magnus Technologies' Series A funding?
Which firms invested in Magnus Technologies' Series A financing?
How does Magnus Technologies plan to use the new funding?
What market does Magnus Technologies operate in?
What advantage does Magnus Technologies offer over legacy TMS providers?
