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~Turvo will continue to operate independently under its own brand, management and board after the acquisition~
~Acquisition is part of Lineage’s ongoing strategy to invest in technologies that can transform the global food supply chain~
~Turvo’s software platform unifies the supply chain by enabling real-time collaboration, visibility and execution across various transportation modes and geographies~
NOVI, Mich.–(BUSINESS WIRE)–Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest and most innovative provider of temperature-controlled industrial REIT and logistics solutions, announced today acquired Turvo Inc. ., a leading provider of supply chain management, collaboration and visibility software. Financial terms of the transactions were not disclosed.
The acquisition is an extension of the companies’ longstanding partnership – including a previous investment in Turvo by Lineage Ventures – and a combined vision of supply chain collaboration. With Lineage’s support, Turvo will continue to focus on its customers, accelerate innovation in its technology offering and expand into new adjacent markets under its own brand as a wholly-owned subsidiary of Lineage.
“Lineage’s acquisition of Turvo was a natural extension of our partnership, through which we successfully launched Lineage Link™ last year,” said Adam Forste, Lineage Co-Executive Chairman and Co-Founder and Managing Partner. of Bay Grove, which founded and manages Lineage. “We wholeheartedly believe in Turvo’s mission to increase visibility and synergies within the supply chain, and see this as an opportunity to create additional value for Lineage and Turvo customers. I look forward to leading Turvo’s new Board of Directors and working with leaders to advance its roadmap to create smarter, more sustainable supply chains.
“Today is an exciting time for Turvo employees, customers and partners,” said Scott Lang, President and CEO of Turvo. “With support from Lineage and Bay Grove, Turvo will accelerate innovation with much greater scope and scale than ever before, further advancing supply chain digitalization globally. Our customers will benefit from greater investment in our vision and technology.
“The acquisition comes amid a spike in transportation and warehousing demand and at a time when the supply chain is facing unprecedented challenges,” said Sudarsan Thattai, CIO and Chief Transformation Officer by Lineage. “By joining forces with Turvo, we have a unique opportunity to mitigate the impact of these challenges for customers. Driver shortages and port congestion, for example, can be solved by reducing the number of trucks or containers needed to deliver a product from farm to fork. Turvo’s platform matches customers with truck, train or container assets that would otherwise be underutilized.”
“The deepening of our relationship with Turvo shows how committed we are to innovation that furthers our goal of transforming the food supply chain to eliminate waste and help feed the world,” said Greg Lehmkuhl, President and CEO of Lineage. “Through this investment, we will accelerate cutting-edge technology that leverages large-scale supply chain synergies, solving network density and utilization issues and reducing complexity and waste in the supply chain for all participants, from customers to shippers to carriers.”
About Lineage Logistics
Lineage Logistics is the world’s largest provider of temperature-controlled industrial REIT and logistics solutions. It has a global network of more than 400 strategically located facilities totaling more than 2 billion cubic feet of capacity, which spans 20 countries in North America, Europe and Asia-Pacific. Lineage’s industry-leading expertise in end-to-end logistics solutions, its unparalleled real estate network, and the development and deployment of innovative technologies help increase distribution efficiency, advance sustainability, minimize supply chain and, most importantly, as a visionary Feed America partner, help feed the world. In recognition of the company‘s leading innovations and sustainability initiatives, Lineage was one of America’s Best Managed Companies in 2022, #3 in the CNBC Disruptor 50 2022 list, #17 in the CNBC Disruptor 50 2021, the No. 1 Data Science Company, and 23rd overall on Fast Company’s 2019 list of the world’s most innovative companies, in addition to being included on Fortune’s Change The World list in 2020 (www.lineagelogistics.com)
Turvo provides the world’s first collaboration app designed specifically for supply chain. Turvo connects people and organizations, enabling shippers, logistics providers, and carriers to unite their supply chains, deliver exceptional customer experiences, collaborate in real time, and accelerate growth. The technology unifies all systems, internal and external, providing an end-to-end solution to perform all operations and analytics while eliminating redundant manual tasks and automating business processes. Turvo’s customers include some of the world’s largest Fortune 500 logistics service providers, shippers and freight brokers. Turvo is based in the San Francisco Bay Area with offices in Dallas, Texas and Hyderabad, India. (www.turvo.com)
Source: Lineage Logistics, LLC