Datatrac Announces $3 Million in Second Round Funding; Venture Capital from LogiSpring and Megunticook to Build Upon eTrac Deployment.Business Editors/Hi-Tech Writers ATLANTA--(BUSINESS WIRE)--Dec. 17, 2002 Datatrac Corporation, the leading software developer and wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. solutions provider for the time-sensitive delivery industry, today announced the completion of $3 million in Series B funding provided by new investor, LogiSpring, Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. , Switzerland and existing investor, The Megunticook Fund, Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New . The new financing will provide additional resources to further the strategic development and global deployment of eTrac, an end-to-end online information network that provides real-time visibility and complementary settlement services for the independent expedited transportation industry. eTrac monitors shipments from the initial order entry to the settlement of invoices. The eTrac solution collects and transfers shipping information as it occurs among leading freight forwarders, shippers, trucking and courier companies. "With this round of funding, Datatrac is positioned to focus on accelerating growth and expanding the eTrac Network," said Craig Lotz, Chief Executive Officer of Datatrac Corporation. "LogiSpring and Megunticook represent two premiere venture capital investors specializing in logistics and supply chain related investments, and we value their participation in our expansion. We appreciate Megunticook's continued support of our business plan, and we welcome LogiSpring's Frans Th. van Schaik to our Board of Directors. His international supply chain management experience will prove extremely valuable to our growth." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Frans Th. van Schaik, Managing Partner LogiSpring, "LogiSpring recognized early on the industry need and market potential for eTrac. We are very excited to invest in a company of Datatrac's caliber. The company possesses a unique combination of customer base, portfolio of services, technology, and reputation in the industry that will enable them to make eTrac the benchmark solution for the industry. We have thoroughly investigated the playing field, and found Datatrac to be second to none. Our findings are further supported by the adoption of eTrac by several major industry players. We strongly believe that Datatrac has great potential in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and, in due course, internationally. They are a fine example of a company with a strong technology-based solution that will continuously add value and generate benefits for its customers." Matthew Lorentzen, Partner at Megunticook, said, "Megunticook's participation in this round exemplifies its continued support of Datatrac, and its management team's ability to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the eTrac opportunity. We are excited about the growing demand by the Air Freight Forwarder Forwarder Acts as a travel agent for cargo. A forwarder specializes in arranging the transport and completing required shipping documentation. Some are affiliated with NVOCC services. In the United States they are licensed by the Federal Maritime Commission. community, as well as the ongoing adoption by the established agent network. We believe Datatrac's industry-leading position to be a true competitive advantage." About Datatrac Corporation Datatrac Corporation is the leading software developer and wireless communications solutions provider for the time-sensitive delivery industry. Founded in 1977 and headquartered in Atlanta, GA, the company provides solutions to courier/messenger companies, expedited freight trucking companies and global airfreight air·freight n. 1. A system of transporting freight by air. 2. The amount charged for transporting freight by air. air forwarders. For more information, go to www.dtrac.com. About Megunticook The Megunticook Fund, a Boston-based venture capital fund, invests in early and mid-stage technology companies with a focus on supply chain and logistics related technology investments. Other investments include: GT Nexus, Synchronet Marine, Translation Technologies, and Management Dynamics Inc. More information on Megunticook is available at www.megunticook.com. About LogiSpring LogiSpring is a pan-European venture capital firm with a global mandate, focusing on companies with technologies and technology-based solutions designed or expected to have a significant impact on global supply chains. Investors in the LogiSpring managed Funds include TPG TPG Texas Pacific Group TPG Tapping TPG Transports Publics Genevois (Geneva, Switzerland public transportation) TPG Test Pattern Generator TPG TNT Post Group TPG Trésorier Payeur Général NV and Booz Allen Hamilton Booz Allen Hamilton, Inc., referred to as Booz Allen is one of the oldest strategy consulting firms in the world.[1] The firm formerly had two consulting divisions: WCB (Worldwide Commercial Business, also known as “The Commercial Side”) and WTB . LogiSpring's portfolio includes investments in Kiala, Covast, Apriso and LXC LXC Languages Across the Curriculum LXC Local X Cross-Connection LXC Local Exchange Carrier LXC Local Cross Connection . LogiSpring has offices in Geneva, Switzerland. For further information on LogiSpring, visit www.logispring.com or contact frans.van.schaik@logispring.com. |
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