Stord announces this week that it has acquired Cove Logistics.
Since its Series A funding round in 2019, Stord's network and software capabilities have grown tremendously and resulted in increased adoption from enterprise companies. This acquisition is a reflection of Stord's commitment to continually invest in its distribution network.
Cove Logistics, now Stord, has been named Top Performer of the Year by one of the top five variety stores in the U.S., and is headed by long-term industry leadership. Its partnerships with over 15,000 carriers and its stellar performance record, 99% on-time delivery rate, and nearly 100% acceptance of committed tenders, offers Stord customers world-class transportation coverage.
"When we met the team, we knew it was a unique match that we had to move quickly on. Not only did we find great alignment between our customer base and added capabilities we could bring to our network, but we found a very aligned and customer-obsessed culture with robust supply chain expertise to add to our team," Sean Henry, CEO and co-founder of Stord, said of the acquisition.
Stord will welcome 15 new employees to its team, scaling world-class freight services including: full truckload (FTL), less than truckload (LTL), intermodal, parcel, expedited shipments and more. The acquisition also brings with it a large existing customer base, for which Stord's software platform and distribution network is a potential fit for over 50 leading brands.
These transportation capabilities will be integrated to Stord's distribution network as well as offered in their cloud software platform for instant quoting and tendering of loads. Shippers will be able to move inventory in and out of Stord's network utilizing its freight capabilities as well as book one-off loads or contract lanes.