Shipwell Sells Brokerage Division to CloudTrucks
Shipwell's sale of its brokerage arm to CloudTrucks allows the company to refocus on the core of its SaaS platform.
Shipwell, a Transportation Management System (TMS) platform founded by Greg Price and Jason Traff in 2016, just announced the sale of its brokerage division to CloudTrucks.
Why this Matters
Shipwell has been juggling two major roles with its operation as a TMS and running a freight brokerage, which might sound like playing on two different teams in the same game – complicated, right? This sale means Shipwell can now go full throttle on enhancing its SaaS platform, focusing on innovation and tech advancements without the conflict of interest. It's a smart move, clearing the deck so they can zero in on what they do best.
Now, we have CloudTrucks coming in to grab the brokerage baton from Shipwell.
- What: An owner-operator business management platform: Real-time load boards, instant payments, fleet load booking and management, streamlined workflows, and more. They also act as a virtual carrier service.
- Funding: Founded in 2019, the company has raised over $100 million in investments ($20.5M Series A and $115M Series B) and was valued at $850 million in 2021.
- Scale: The company has facilitated over $100 million in payments to U.S. truck drivers.
For CloudTrucks, this is an opportunity to beef up its brokerage arm, setting the stage for further growth and expansion.