|To: Glenn Petersen who wrote (50044)||6/12/2009 11:07:01 AM|
|From: stockman_scott||Respond to of 56281|
|Echo Global Logistics Adds On|
Echo Global Logistics Inc., a Chicago-based business process outsourcing company focused on transportation and logistics, has acquired Raytrans Distribution Services Inc., a transportation brokerage firm based in Matteson, Illinois. No financial terms were disclosed.
Echo Logistics is in registration for a $100 million IPO, and had raised a $17.4 million venture round in 2006 led by New Enterprise Associates (15.4% pre-IPO ownership stake).
June 11th, 2009 -- Echo Global Logistics, Inc., a technology-driven transportation management firm, has acquired Raytrans Distribution Services, Inc., a transportation brokerage firm based in Matteson, Illinois.
James Ray, Jr. founded Raytrans Distribution Services in 2000. Raytrans’ network of skilled transportation professionals and carriers specialize in flatbed, over-sized, auto-haul and other specific services as well as traditional dry van brokerage. Effective immediately, Raytrans Distribution Services will begin doing business as Echo Global Logistics, Inc.
“We are enthused about the value that the partnership between Echo and Raytrans will deliver to our clients,” said Doug Waggoner, Chief Executive Officer of Echo Global Logistics. “Echo will benefit from Raytrans’ focus and additional scale, while the Raytrans operation will gain from Echo’s technology and mode diversification.”
“We are excited to join the Echo team,” said James Ray, Jr., who will continue as General Manager of the Raytrans Division of Echo Global Logistics. “The Raytrans’ specialization and carrier base in combination with Echo’s technology enabled procurement capabilities and additional modes of transportation will yield significant customer benefits.”
About Echo Global Logistics, Inc.
Privately-held Chicago-based Echo is a technology-driven transportation management outsourcing firm which helps clients reduce their transportation spend. Echo’s enterprise and transactional clients range from small businesses to Fortune 100 companies. Echo’s transportation management solutions deliver cost savings through proprietary access to unparalleled transportation market data, custom-built world-class technology, a “best cost” global labor platform, an extensive nationwide network of carriers, and buying leverage resulting from the aggregated spend on behalf of Echo’s clients. For more information on Echo, visit: echo.com.