Summit Partners announced that it would be acquiring cloud-based logistics technology provider MercuryGate in an announcement made earlier this month.
While the official details of the negotiation were not disclosed at the time of the announcement, it was rumored to be set for $390 million. Representatives from MercuryGate confirmed that the deal closed on August 23.
As part of the negotiation, Joe Juliano was tapped to serve as president and CEO of the North Carolina based MercuryGate. Juliano brings ample executive experience to his new duties at the company. Prior to accepting the position, Juliano was president and CEO of IQNavigator, a SaaS-based workforce management vendor as well as president of RedPrairie, a warehouse management system which merged with JDA Systems in 2012 in a deal that was valued at an estimated $1.9 billion.
MercuryGate is positioned uniquely amid the shifting landscape of the logistics industry. As e-commerce giants like Amazon push capacities in the trucking freight market and parcel shipping volumes rise, the software company is looking to expand into different areas of opportunity to meet the demand. In a statement released in conjunction with the deal, MercuryGate noted that they will retain relationships with all their current customers despite their desire for rapid expansion.
Co-founded in 2000 by former CEO Monica Wooden and President Steve Blough, MercuryGate’s TMS platform offers an affordable software solution that is ideal for companies looking to control their supply chain. The software company markets itself as a versatile solution that has been tested with a variety of customer segments, including shippers, freight forwarders, brokers, carriers and logistics providers. As part of the deal, Wooden and Blough will retain roles at the company as Chief Revenue Officer and Chief Product Officer, respectively.
Boston-based Summit Partners invests strategically with an eye toward growth. The firm was founded in 1984 and manages over $14 billion in assets across three sectors: technology, healthcare and life sciences and growth products and services.
The firm typically invests in the range of $10 million to over $500 million and helps companies with recruiting, expansions, preparation for mergers and initial public offerings, scaling infrastructure, supporting acquisitions, and more.