Charlotte, NC October 21, 2002 Autumn may be bringing the yellows, burgundies and russets of changing leaves to the fair city of Charlotte, but collaborative logistics solutions provider Elogex is seeing green these days.
The software company, which caters to the food, grocery and consumer good industries, reported today that it has received $17 million of new growth capital from an investor group led by New York-based Fenway Partners.
The company said it is going to use the additional capital "to aggressively pursue its next phase of development" and to expand its infrastructure to support its increasing customer base, which currently includes two of the top three U.S. retailers.
"This funding is a key milestone for Elogex," said Travis Parsons, Elogex's president and CEO. "Slow economies have traditionally yielded many market leading companies, and we intend to leverage the current environment to deliver more value to our customers."
Elogex said that over the past year it has expanded its retail and manufacturing client base to represent more than $155 billion in revenue and $5 billion in transportation spend. The company plans to invest its new capital to expand service levels and capabilities to take advantage of increasing customer activity.
Along with operational expansion, Elogex has expanded its management team, adding Jerry Overcash as executive vice president, Bill Donner as chief information officer and Ken McAloon as chief scientist.