(Austin, Texas. Nov. 8) — Magnus Technologies, an enterprise trucking, and logistics management software provider, announces the completion of its Series A growth financing with LKCM Headwater. The new funding builds on previous investments by global investment firm Carlyle (NASDAQ: CG) and BCG Digital Ventures, the corporate innovation and business building arm of Boston Consulting Group.
Magnus has 20 years of experience developing and deploying enterprise transportation management software (TMS) platforms for truckload and less-than-truckload carriers of all sizes, beginning with a market-leading TMS solution for auto haulers.
The new capital investment in Magnus will accelerate growth for the company’s enterprise Software-as-a-Service (SaaS) TMS platform in the $700 billion domestic truckload, less-than-truckload, and freight logistics market.
“Most TMS suppliers are still using an outdated client-server technology stack. This requires transportation companies to make large, up-front investments in hardware and software and endure long implementation cycles,” said Matt Cartwright, Chief Executive Officer of Magnus Technologies. “Our modern, SaaS-based TMS platform delivers unmatched functionality at higher levels of security, stability, and efficiency.”
Magnus chose to partner with LKCM Headwater for the private equity firm’s solid understanding and experience in transportation and logistics, among other industrial sectors, to help Magnus tackle the complexities of growth.
“LKCM Headwater is excited to provide growth capital for proven products and management teams to accelerate growth. In the case of Magnus, we see an incredible opportunity to partner with Matt and his team to bring an already robust and forward-thinking TMS platform to the broader market,” said Jonathon Miller, Principal of LKCM Headwater, a private equity firm based in Fort Worth, Texas.
Transportation companies that use legacy client-server TMS have SaaS-based versions of electronic logging devices (ELDs), fuel payments, and many other systems. Cartwright sees an accelerated migration to SaaS-based TMS now that a full, enterprise-class platform is available and can be rapidly deployed by trucking and logistics operations.
“We are super focused on doing fast implementations so our customers will experience minimum disruption,” Cartwright said.
Magnus has a deep-rooted history in developing a SaaS-based TMS that meets the complex business needs of auto haulers. In 2017 the company received an initial investment from Carlyle to expand the platform in the full trucking and logistics market.
BCG Digital Ventures invested in 2019, helping Magnus further expand and deepen its TMS to meet the needs of truckload carriers of all sizes. Today the Magnus TMS is used by motor carriers and logistics providers that collectively process billions in freight transactions annually.
Chris Stutzman, Managing Director and Partner, BCG Digital Ventures added, “We are thrilled to be part of Magnus’ story, having engaged in the pre-Series A phase to help shape the product roadmap and business plan to scale.”
With the new Series A investment, Magnus will continue to improve its already mature TMS platform with features that give transportation and logistics companies a competitive edge. Magnus is also expanding teams in sales, product implementation, and support.