Firmament Exits Envase Technologies in Sale to WiseTech Global

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Feb 23, 2023, 08:28 ET

NEW YORK, Feb. 23, 2023 /PRNewswire/ -- Firmament, a provider of structured equity capital solutions to small- and medium-sized enterprises, has exited its investment in Envase Technologies ("Envase"), one of the leading providers of transport management systems ("TMS") software for intermodal trucking, drayage, and landside logistics in North America. Envase was acquired by WiseTech Global (ASX: WTC) in a transaction valued at $230 million.

Headquartered in the United States, Envase's solutions for carriers automate and provide visibility for the movement of containers across all aspects of import and export drayage and intermodal operations from port and rail terminals to destination. Envase's more than 1,300 customers across North America include trucking companies, ports, depots, and warehouses. Envase's CEO Larry Cuddy, Jr, said: "This deal marks the beginning of a new, exciting chapter for Envase. Over the past few years, we have assembled and integrated a powerful suite of landside logistics solutions. Combined with the strength and size of WiseTech, we have a powerful platform that we expect to further increase capacity and utilization and drive innovation in what is an intensely complex and highly fragmented ecosystem. The Envase team is grateful for the support of Firmament over the years and for their vision to establish Envase as a leader in landside logistics."

Richard White, Founder and CEO of WiseTech Global, said: "This is a strategically significant acquisition in landside logistics, which extends and strengthens our position in one of our six key CargoWise development priority areas, and we're extremely pleased to have the Envase team join the WiseTech Global group."

Firmament was the controlling shareholder of Envase and established the company in partnership with CEO Larry Cuddy, Jr. Firmament identified the intermodal trucking and drayage software market as a compelling sector in which to invest. Firmament's investment thesis was to establish Envase as a technology leader by acquiring and consolidating incumbent TMS providers and building upon the foundation of customers and proven products with new proprietary solutions to address visibility and optimization.

Ted Wong, a Principal at Firmament who leads supply chain investing, remarked, "Congratulations to WiseTech on its acquisition of Envase and its integration into a family of leading supply chain solutions. We are delighted to have been part of this journey with Larry and his talented team. Firmament began working with Larry in 2018 to design the vision for what Envase has become today. We are proud of the brand and reputation that Envase has built within landside logistics and the outcome provided by this transaction."

About Firmament

Firmament (www.firmament.com) provides structured 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 concentrates on software and services businesses with significant scaling potential in the healthcare, logistics, wellness, and environmental sectors. With offices across the United States and in the United Kingdom, Firmament is focused on turning small business into big business.

Contact: Allie Reitman
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SOURCE Firmament