DispatchTrack Takes on First Funding With $144 Million Led by Spectrum Equity
SAN JOSE, Calif., May 12, 2020 (Newswire.com) - DispatchTrack, a leading provider of SaaS-based last-mile logistics solutions, announced today that it has closed a $144 million growth transaction led by Spectrum Equity, a global growth equity firm that specializes in partnering with internet-enabled software and information services businesses.
The company was founded in 2010 by Satish Natarajan and Shailu Satish, a husband-and-wife team who were frustrated with the indefinite waiting, poor communication and overall inefficiency they experienced with at-home deliveries. Over 10 years, they built DispatchTrack into a comprehensive platform that addresses problems faced by merchants, delivery service providers and consumers alike, enabling businesses across a wide range of industries to provide the seamless last-mile delivery experiences consumers have grown to expect, especially in the era of Amazon.
"We are thrilled to partner with Spectrum Equity in this new stage of our growth,” said Natarajan, CEO of DispatchTrack. “We built DispatchTrack to help businesses large and small provide superior delivery experiences, streamline operations and maintain coordination and transparency across all constituents in the last mile. With Spectrum’s support, we will continue our rapid pace of innovation and bring best-in-class solutions to more businesses, industries and geographies.”
DispatchTrack enables end-to-end visibility and real-time coordination across online and physical storefronts, warehouses, drivers and end-customers. The company equips its customers – including retailers, wholesalers, grocers, restaurants, food and beverage distributors, field service businesses, third-party logistics (3PL) companies and others – with the tools and data to transform last-mile operations from a cost center into a core part of the customer experience. The platform includes industry-leading solutions such as capacity-aware self-scheduling tools, enterprise-grade route optimization, automated customer communication and appointment confirmation, dynamic ETA tracking links, mobile apps for change of custody and proof-of-delivery, billing and settlement for delivery service providers and merchants, and real-time visibility for merchants across their network of carriers and drivers.
Without lengthy implementations or associated fees, DispatchTrack customers can configure the platform’s dynamic optimization engine to the unique needs of their businesses. They can also orchestrate, track and analyze performance across their networks of delivery providers who can securely feed real-time data into the DispatchTrack mobile application. Collectively, these capabilities empower businesses to provide end-customers with specific scheduling windows, real-time ETAs and a frictionless delivery experience. These solutions address significant, historically under-served needs in last-mile delivery, which the CapGemini Research Institute estimates represents 41% of all supply chain costs.
"We look forward to supporting DispatchTrack’s commitment to solving complex problems by building elegant, powerful products that are easy to adopt, configure and scale,” said Vic Parker, Managing Director at Spectrum Equity. “The DispatchTrack platform is an exceptionally valuable solution for businesses that recognize the strategic imperative to optimize the delivery experience. We look forward to helping DispatchTrack transform the last mile for more businesses across categories and around the world.”
Last year, DispatchTrack powered over 60 million deliveries. The company serves thousands of customers, including multibillion-dollar enterprises across industries including furniture, appliances, building materials, food and beverage distribution, restaurants, field and home services, grocery and third-party logistics.
In conjunction with the transaction, Vic Parker and Vice President Adam Gassin of Spectrum Equity will join DispatchTrack's board of directors.
AQ Technology Partners advised the company on the transaction and Alliance Bernstein provided senior debt financing.
For more information about DispatchTrack and the funding, please see our related blog post here.