BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--O2 Investment Partners (“O2”) (www.o2investment.com) is pleased to announce that SIB Fixed Cost Reduction (“SIB”) (www.aboutsib.com) has made a strategic investment in Shipware (www.shipware.com). SIB has completed four add-on investments since March 2020.
Kevin Flounders, CEO of SIB, commented, “Shipware is a transformative acquisition for our business. The company serves a diverse and growing customer base that has benefited greatly from Shipware’s transportation spend management expertise. We are well positioned to expand our client relationships by optimizing spend across a broader range of categories. We are excited to partner with the extremely talented Shipware team and see great growth potential ahead of us.”
Founded by Trevor Outman and Rob Martinez, Shipware provides contract optimization, benchmarking analysis, spend management reporting, and invoice audit services to help clients reduce small parcel and LTL shipping costs. The Company’s cloud-based reporting platform delivers powerful analytics for greater spend management visibility, empowering clients to make intelligent cost-saving transportation decisions.
“We searched high and low to identify a partner that would align with our values-driven culture and propel Shipware to greater market dominance,” said Outman. “I’m very proud to say we’ve found just that with the SIB platform and leadership. The synergies of the combined organizations are impressive. New opportunities will be created for our respective customers, and career development opportunities will surface for both their and our teammates. The future is bright!”
Pat Corden, Partner at O2, commented, “O2 is very excited to bring Shipware’s capabilities to the SIB platform. There is strong chemistry between the management teams and the combined value proposition is compelling for our customers. We appreciate the Shipware team’s confidence in SIB and O2, and we also extend our thanks to our financial partners Tree Line Capital Partners, Stellus Capital Management, Capital Southwest, and LBC Small Cap for their support in this investment.”
About SIB Fixed Cost Reduction:
SIB is a leader in fixed cost reduction services providing invoice analysis, vendor management, and cost monitoring for customers across a variety of expense categories including telecom, utilities, waste management, shipping, and logistics. The company earns contingent fees based on the savings found for clients. SIB is headquartered in Charleston, SC. Additional information is available at www.aboutsib.com.
About Shipware:
Shipware provides contract optimization services (forward-looking) and automated invoice audit capabilities (backward-looking) to reduce shipping costs as well as spend management reporting tools and payment solutions. The Company serves 600+ customers across a wide range of end markets. Additional information is available at www.shipware.com.
About O2 Investment Partners:
O2 Investment Partners is a Midwestern based private equity firm that seeks to acquire majority interests in lower middle market B2B services, technology, and select niche industrial companies. The firm invests in businesses with earnings growth potential and a clear path to the creation of shareholder value. O2 invests with a view toward partnering with management to build and grow the business and take it to its next stage of development. This requires not only a clear vision and strategic plan to create shareholder value, but a close partnership and alignment of interest with management. Additional information is available at www.o2investment.com.
