NEW YORK, May 27, 2020 /PRNewswire/ — The Firmament Group (“Firmament”), a leading provider of tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs), announced today the formation and launch of Envase Technologies (“Envase” or the “Company”), a provider of cloud-based transportation management systems and mobile applications for intermodal transportation providers, including drayage carriers, third-party logistics companies, intermodal marketing companies, and global freight forwarders. Concurrent with the formation of Envase, Firmament completed an investment in Profit Tools, LLC (“Profit Tools”), complementing its existing investments in Compcare Services, LLC (“Compcare”) and GTG Technology Group, LLC (“GTG”).
Envase will be led by industry veteran Larry Cuddy, who has 25+ years of relevant experience in intermodal transportation and technology. Cuddy shared his thoughts on the investment: “It’s beyond exciting to partner with The Firmament Group and to reconnect with the Profit Tools team to launch Envase. The Firmament team has a demonstrated expertise investing in transportation and logistics software. Their financial backing will allow us to accelerate the amazing progress the team has already made in changing the intermodal landscape, while continuing to provide best-in-class service to our 500+ intermodal customers spanning ports and terminals across nearly all 50 states in the U.S., Canada, and Mexico.”
Firmament’s Green Campbell added, “We are thrilled to partner with Profit Tools, Larry, and the entire Envase team to accelerate the role of software and technology across the intermodal vertical of the supply chain. The launch of Envase is an exciting milestone for us, and further demonstrates our conviction in the long-term industry tailwinds that support our investment thesis. We are committed to providing the capital solutions necessary for the Envase team to continue to solve the complex problems of today and tomorrow encountered by the hard-working players in the intermodal realm.”
The Compcare team participated alongside Firmament in the transaction. Financial terms were not disclosed.
Envase provides mission-critical, cloud-based transportation management system (“TMS”) enterprise software and mobile applications to the intermodal transportation industry, with a core focus on the drayage trucking niche. The software merges order entry, dispatch, container tracking, electronic data interchange (EDI), API connectivity, document imaging, invoicing, settlements, and business intelligence, among other functions, into a single, streamlined system providing carrier efficiencies and container visibility over the intermodal supply chain.
About The Firmament Group
The Firmament Group (www.thefirmamentgroup.com) provides tailored debt and equity capital solutions to small- and medium-sized enterprises. Firmament is a value-added partner to entrepreneurs, management teams and business owners and curates solutions by deploying versatile capital in a user-friendly way. Firmament seeks both senior and junior debt capital opportunities including unitranche, second lien and mezzanine debt, and also provides equity capital structured as either preferred or common equity. With offices across the United States and in the United Kingdom, Firmament is focused on turning small business into big business.
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SOURCE The Firmament Group