O2 Investment Partners, a private equity firm in Bloomfield Hills, has announced that its SIB Fixed Cost Reduction platform has made a strategic investment in Shipware. SIB has completed four add-on investments since March 2020. Terms of the investment were not disclosed.
Founded by Trevor Outman and Rob Martinez, Shipware provides contract optimization, benchmarking analysis, spend management reporting, and invoice audit services to help clients reduce small parcel and LTL shipping costs.
“We searched high and low to identify a partner that would align with our values-driven culture and propel Shipware to greater market dominance,” says Outman. “I’m very proud to say we’ve found just that with the SIB platform and leadership.
“The synergies of the combined organizations are impressive. New opportunities will be created for our respective customers, and career development opportunities will surface for both their and our teammates.”
The company’s cloud-based reporting platform delivers analytics for greater spend management visibility, which allows clients to make intelligent cost-saving transportation decisions.
“Shipware is a transformative acquisition for our business,” says Kevin Flounders, CEO of SIB. “The company serves a diverse and growing customer base that has benefited greatly from Shipware’s transportation spend management expertise. We are well positioned to expand our client relationships by optimizing spend across a broader range of categories. We are excited to partner with the extremely talented Shipware team and see great growth potential ahead of us.”
Pat Corden, Partner at O2, commented, “O2 is very excited to bring Shipware’s capabilities to the SIB platform. There is strong chemistry between the management teams and the combined value proposition is compelling for our customers. We appreciate the Shipware team’s confidence in SIB and O2, and we also extend our thanks to our financial partners Tree Line Capital Partners, Stellus Capital Management, Capital Southwest, and LBC Small Cap for their support in this investment.”
SIB is a leader in fixed cost reduction services providing invoice analysis, vendor management, and cost monitoring for customers across a variety of expense categories including telecom, utilities, waste management, shipping, and logistics. The company earns contingent fees based on the savings found for clients. SIB is headquartered in Charleston, SC.
O2 Investment Partners acquires majority interests in lower middle market B2B services, technology, and select niche industrial companies. The firm invests with a view toward partnering with management to build and grow the business and take it to its next stage of development.
For more information, visit www.o2investment.com.