Market Overview

VeriShip and Sifted Merge to Offer First and Only Predictive Analytics Platform for Logistics

Share:

Merger creates a new model to optimize transportation spend management for shippers overwhelmed by historic shipping volumes and soaring costs

VeriShip, the nation's leading shipping expense optimization platform, today announced a merger with Sifted, provider of the leading data science-driven predictive logistics platform. The merger joins two market leaders to create a transformational cloud-based analytics engine for logistics. The combined company serves thousands of shippers across all sizes and complexities.

VeriShip and Sifted bring together the country's largest independent shipping expense database and the industry's first cloud native, automated simulation and optimization platform. The new platform dramatically reduces transportation expenses for shippers while optimizing for delivery times and best-in-class customer experience. The combined company is backed by global growth equity investor Summit Partners, which invested in VeriShip in 2018. This marks the second transaction for VeriShip in the last year, following its acquisition of Valence in December, 2019. VeriShip and Sifted's clients range from small and medium business, such as Simple Tire and Chicago Music Exchange to enterprise-level organizations like Shutterfly, Boston Scientific, and Kendra Scott.

The combination creates a new model for managing transportation spend — one that brings together the power of self-service technology and transportation data science to help shippers navigate an increasingly complex shipping environment fueled by dramatic e-commerce growth. The companies will merge capabilities under the Sifted brand, and all clients will migrate to the new platform and will gain immediate access to easy-to-understand, 360-degree analytics of their data.

"For most businesses today, especially those in e-commerce, it is impossible to make data-driven decisions. Shippers are constantly blindsided by carrier changes, and they're expected to fulfill shipments on time, implement new systems, manage inventory problems, and improve efficiencies, all while keeping costs in check. Now, with the combined power of VeriShip's data set and Sifted's predictive modeling capabilities, our platform will prescribe actions and prevent unnecessary spending before it ever happens," said VeriShip Chief Executive Officer Shawn McCarrick.

Effective today, the companies will integrate business operations to create the most capable team in the industry. Shawn McCarrick will lead the company as CEO. Sifted's three co-founders, Adam Moulding, Mark Chamberlain and Caleb Nelson, will serve as Chief Operating Officer, Chief Technology Officer and Chief Revenue Officer, respectively. VeriShip's George Meier will jointly lead sales as Chief Business Development Officer alongside Nelson. All other existing business leaders in both organizations remain and will continue serving in critical roles.

"The Sifted platform enables shippers to move away from educated guessing to decisions based on data science and provides highly accurate predictions using software for optimization and modeling," said Adam Moulding, the new entity's Chief Operating Officer. "We are giving shippers the clarity, control and freedom they need to forecast and proactively manage shipping costs."

About VeriShip

VeriShip is the nation's largest spend management and payments platform that tracks and analyzes shipping data to reduce costs for small and midsize businesses shipping packages throughout the U.S. Its platform gives clients control and clarity into their shipping data with a single source of visibility into transportation spend. Since 2005, VeriShip has helped over 5,000 businesses optimize shipping expenses on nearly 1.5 billion packages. Learn more at www.veriship.com.

About Sifted

Sifted is the number one choice of enterprise-grade shippers in the nation to solve complex logistics data issues. Sifted simplifies complicated data to provide actionable insights that empower shippers to continually reduce both costs and shipping time. Since 2017, large-volume shippers have leveraged Sifted's self-service predictive technology to reduce shipping costs through operational efficiency and contractual improvements. Learn more at www.sifted.com.

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com