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VeriTread Receives Backing from Sumitomo for Heavy-Haul Shipping Automation

September 01, 2017, 07:00 AM
Filed Under: Industry News
Related: Shipping

VeriTread, The Heavy-Haul Marketplace, announced its partnership with Sumitomo Corporation of Americas (“SCOA”). SCOA together with Sumitomo Corporation plan to underwrite a $2.5 Million third-party allocation of new units for an undisclosed ownership stake of VeriTread. VeriTread is a Florida-based start-up company with products aimed at simplifying the heavy-haul transportation process for both consumers and distributors.

VeriTread (“VT”) provides an online transportation marketplace that connects construction equipment owners with transportation service providers. In addition, its VeriTread For Business solution allows distributors to harness the power of the VT platform in their internal operations. VT enhances its products by providing a suite of innovative decision tools, enabling customers to make smarter, more effective arrangement of heavy-haul transportation. VT has already partnered with used equipment auctioneers such as IronPlanet, Kruse, allEquip, Cat Auction Services, TruckPlanet, and GovPlanet. VT’s online system is integrated with these partners’ websites, allowing equipment buyers to arrange transportation conveniently upon checkout.

As a leader in infrastructure investments in the United States, SCOA recognizes the market need for easy facilitation of construction equipment transport, especially as the deterioration of US roads, bridges, and tunnels becomes a more serious issue. Transporting large equipment is complex and expensive. Improving the efficiency of this is of great value to equipment users, dealers, and rental companies alike.

“SCOA has been a major player in the construction equipment distribution and rental business in the US and Canada. With our experience in this industry, paired with our long-standing partner relationships, we aim to further expand VT’s value throughout this market and continue to contribute to the development of US infrastructure projects, said Kenichi Hyuga, Senior Vice President and General Manager, Construction & Transportation System Group at Sumitomo Corporation of Americas.”

“We are pleased to have SCOA partnering with us as we expand our platform and grow our business. SCOA brings with them several years of expertise in this industry and many important relationships,” said Jeff Cox, Jr., Founder and CEO, VeriTread. “We look forward to having them as a valuable partner as we continue to pursue our mission to improve the heavy-haul transportation industry.”

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