Tenstreet Receives Growth Investment from Spectrum Equity
Press Release (ePRNews.com) - Tulsa, OK - Nov 16, 2016 - Tenstreet, the leading web-based provider of driver recruiting software and workflow solutions for the trucking and transportation industry, announced today that it has received a significant investment from Spectrum Equity, a leading growth equity firm. The investment will accelerate development of Tenstreet’s product portfolio and further position the company to execute on its growth strategy.
Tenstreet was founded in Tulsa, OK by Craig Johnson, Tim Crawford, Mike Hanisch, Bryan Riddle and Dale Reagan to address the hiring challenges and inefficiencies facing long haul carriers in North America. After a decade of bootstrapped, profitable growth, the company has established itself as the clear leader in recruiting, applicant tracking, hiring, onboarding and managing drivers for any business with a fleet of 5 to over 500 trucks.
“Tenstreet’s innovative product suite has disrupted a workflow that has historically been offline, utilizing file cabinets and fax machines. It has been exciting to watch the company build online category leadership over the years with such a unique and differentiated platform.”
In response to the pain felt by carriers and private fleet operators as a result of the industry’s significant driver shortage, Tenstreet has built the industry’s most comprehensive database of more than 3.5 million unique drivers which auto-populates over 150,000 online applications every month, creating massive efficiencies for their clients as well as their applicants. Recruiters, hiring managers, safety officers and fleet owners rely on Tenstreet’s core products, IntelliApp, Xpress and Xchange as their mission-critical applicant tracking platform and system of record for drivers.
“I’m grateful for the success we’ve had so far and am looking forward to creating even more value for both clients and drivers in the future. We believe that partnering with Spectrum positions us well for building even better solutions for the transportation industry,” said Tim Crawford who will assume the role of CEO in conjunction with this transaction.
“Tenstreet’s innovative product suite has disrupted a workflow that has historically been offline, utilizing file cabinets and fax machines,” said Jake Heller, a Principal of Spectrum Equity. “It has been exciting to watch the company build online category leadership over the years with such a unique and differentiated platform. It has also been a pleasure getting to know Craig Johnson, who will lead the board as our Chairman.”
“Given the increasingly demanding compliance requirements facing carriers, locating qualified drivers is only part of the challenge,” said Chris Mitchell, a Managing Director at Spectrum Equity. “Tenstreet’s workflow further automates the process of screening, onboarding, and training drivers in a centralized, easy-to-use platform. We are thrilled to partner with Tenstreet on their next phase of accelerated growth and success.”
Craig Johnson said “It’s been a great privilege to see our team grow over the past 10 years, and I take a lot of pride in the high caliber of the professionals that have allowed Tenstreet to succeed.”
In conjunction with the investment, Chris Mitchell, Jake Heller and Govind Anand of Spectrum Equity will join Tenstreet’s Board of Directors.
About Tenstreet Inc.
Tenstreet provides web-based tools to nearly 1,000 motor carriers and private fleets to help recruit, hire and manage drivers. Over the last decade, the platform has been used by 3 million drivers and offers drivers the easiest way to find their next job. For more information, visit www.tenstreet.com.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For more than 20 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading internet, software and information services companies. Representative investments include Ancestry, Bats Global Markets, GoodRx, Grubhub, ITA Software, lynda.com, SurveyMonkey, Verafin, and World-Check. For more information, visit www.spectrumequity.com.