Trax Technologies and Veraction to Merge

Trax Technologies, a  global freight audit and payment provider, and Veraction, a  provider of transportation spend management and freight audit solutions,  announced the merger of the two companies.

The combined business plan to offer customers a single global technology platform across all shipping modes and a leading suite of transportation spend management analytics.  With a global reach, the Company manages over $10 billion in logistics spending across all transportation modes for more than 300 enterprise customers. PNC Business Credit, a division of PNC Bank, National Association, along with White Oak Global Advisors, provided senior secured financing in support of the transaction.

The integrated company will retain the Trax name and combine the leadership teams of both companies.  Chris Connell, former CEO of Veraction, leads the combined company as CEO of Trax Group Inc.

“The merger of Trax and Veraction will allow us to continue to serve the world’s most sophisticated and complex supply chain organizations,” said Bob Morse, Chairman of the board, Trax Technologies. “The combined company will have the resources to deliver innovative new products and more comprehensive capabilities at a faster rate than either company would have been able to achieve on its own.”