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The company’s financing news comes only one month after it announced the acquisition of SensiGuard, a cargo theft monitoring platform.
Overhaul, a US-headquartered Irish-founded company that makes supply chain software and risk management software, has secured $73m in growth financing.
The total sum of $73m included $38m in equity and $35m in non-dilutive debt financing. Growth equity investor Edison Partners led the investment with participation from strategic investors eGateway Capital, StepStone Group and TRM Ventures. Stifel Bank provided the debt financing.
Abbey International Finance, Avanta Ventures and Macquarie Capital also participated in the round. All three are previous investors in Overhaul.
Overhaul plans to use its capital to further its global expansion, improve products and fund its recent acquisition.
The company’s financing news comes only one month after it announced the acquisition of SensiGuard, a cargo theft monitoring platform.
“This latest growth financing positions Overhaul to be a front runner as a profitable business in real-time visibility and risk management with a fraction of capital but at a similar scale to unicorns in the space,” said Barry Conlon, CEO and founder of Overhaul.
Conlon co-founded the company in 2016 with chief operating officer, David Broe. It has its global headquarters in Texas and its European headquarters in Dundalk.
According to Conlon, the funding is “a validation of Overhaul’s commitment” to making it easier for companies to monitor their supply chains and manage risk and strategy in the LogTech market.
Overhaul’s recent acquisition of US-based SensiGuard added more than 350 of the company’s employees to its operation. The deal also meant that Overhaul was able to expand its footprint into more countries.
“Overhaul is providing a unique combination of supply chain visibility and risk management to some of the largest companies in the world, and we are proud to help support its impressive growth,” said Alan Faulkner, director at Stifel Bank.
Ryan Ziegler, general partner at Edison Partners, said the firm was “extremely impressed with Conlon and the executive team at Overhaul’s ability to deliver products that adapt to the needs of industry.
“We look forward to helping Overhaul expand their breadth of capabilities to bring greater security to the global supply chain,” he concluded.
Overhaul is expected to track more than $1trn in total moving cargo this year.
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