ABS Capital Partners commits $30 Million to INTTRA, Inc.
Parsippany, NJ, January 29, 2010 — INTTRA, the leading e-commerce platform for the ocean freight industry, has announced that ABS Capital Partners, a leading later-stage growth company investor, has made a $30 million investment in INTTRA to accelerate future growth of the company. INTTRA will use these funds to develop new products and services and for new market opportunities. In 2009, INTTRA had a record breaking year with container transactions growing to 14.1 million container orders, supported by a 34% annual growth in network connections. INTTRA also achieved new milestones introducing an industry eInvoice platform and NVOCC (Non-Vessel Operating Common Carrier) product. These initiatives will be supported and enhanced by this investment. ABS Capital General Partner Bobby Goswami and Chairman and Founding Partner Don Hebb, serving as chairman, will join INTTRA’s Board of Directors.
“This investment follows $100 million of long term contracts with ocean carriers, now extended, and further strengthens our position as the premier global e-commerce shipping platform and a valued resource in the industry,” said Ken Bloom, CEO of INTTRA. “We believe that through this investment, our customers will benefit significantly through development and delivery of new, value-driven products and services. ABS Capital’s investment will give us the financial strength to accelerate our business plans and operations.”
These plans include developing and implementing a new commercial strategy that consists of a dedicated sales staff for both carrier and high-volume shipper accounts and a professional services program to assist carriers in achieving their e-commerce objectives. INTTRA’s current solutions connect ocean carriers and shippers on a global e-commerce network and enable standardized automation of critical functions such as user acquisition, shipment booking and management and freight settlement. By automating these historically manual tasks and creating the industry’s largest network of industry participants, INTTRA offers a value proposition of significant cost savings, improved utilization of people and assets and fewer processing errors.
“Container shipping is the fastest growing sector of international shipping, and our investment in INTTRA helps them capitalize on this important trend in global trade,” said Hebb. “As a leading industry network for carriers and shippers, INTTRA has experienced year over year growth while continuing to pioneer the adoption of e-commerce in the shipping industry.”
Over the past 20 years ABS Capital has invested in 96 growth companies and has had over 60 exits, including 25 IPOs. They have previously backed such leading growth companies as Neustar, Inc. (NYSE: NSR), SBA Communications, Inc. (NASDAQ: SBAC) and Rosetta Stone, Inc. (NYSE: RST). ABS Capital has raised over $2 billion since inception and is currently investing their sixth fund of $420 million. INTTRA was advised by Jefferies & Co.