Trucker Tools LLC, a Reston outfit that offers a digital freight management platform, has been acquired by ASG, a California company backed by private equity firm Alpine Investors that specializes in purchasing and building software-as-a-service companies.
Terms of the acquisition were not disclosed. Freight industry publication FreightWaves pegged the deal at $65 million.
CEO Prasad Gollapalli, who founded Trucker Tools in 2013, said in a statement the purchase of his company will open up resources from ASG and Alpine that will improve product development. ASG has other logistics companies in its portfolio, including e-Courier, a provider of last-mile visibility software. The purchase is ASG’s 35th to date.
“We are excited to leverage the ASG team’s skills and experience as we chart this next chapter in our sustainable growth journey,” Gollapalli said in a statement.
As part of the deal, ASG exec Jesse Buckingham is joining Trucker Tools as its chief revenue officer. He said in a statement Trucker Tools looks to solve issues in transportation by “working with the industry, not against it” — an approach that has earned the company “trust and deep relationships” in the freight business.
Trucker Tools has raised $8.5 million since its inception, according to CrunchBase. Its mobile booking and tracking platform, available on both iOS and Android devices, allows small and mid-sized transportation companies access to 1.4 million truckers. It currently counts roughly 300 freight bookers among its customers.
The big number
$2 billion — Amount of a projected revenue surplus Virginia officials expect the state to end the fiscal year with next week, according to the Richmond Times-Dispatch. The surplus projections gave grown each month as tax collections have increased — a sign of economic recovery fueled in part by federal emergency aid. The state constitution mandates what will be huge deposits to Virginia’s rainy-day fund and a water-quality improvement fund. It also gives Gov. Ralph Northam a chance to propose major investments in the next budget. On Wednesday, Northam called the General Assembly to return for a special section on Aug. 2 to determine how the state will spend an additional $4.3 billion in federal Covid-19 recovery aid, that must be used by the end of 2024.
Odds and ends
- A pedestrian bridge over D.C. 295 collapsed Wednesday, injuring several people. The highway reopened early Thursday morning. (WTOP)
- Seventy percent of Greater Washington residents are at least partially vaccinated against Covid-19, surpassing the July 4 goal set by the White House. (DCist)
- Maryland transportation officials say they will have to cut other road and infrastructure projects in the state to maintain the American Legion Bridge after Gov. Larry Hogan's plan to replace it through a public-private partnership hit a major roadblock. (Washington Post)
- Longtime Democratic official Tom Perez has launched a bid for Maryland governor. (Baltimore Sun)
- Sen. Mark Warner, D-Va., is pitching a federal aid plan for minor league baseball franchises suffering from the economic fallout from the pandemic. (Richmond Times-Dispatch)
- Laws prohibiting the intentional release of balloons will go into effect July 1 in Virginia and Maryland. (Chesapeake Bay Magazine)
- The National Park Service has opened up the athletic fields and facilities around the National Mall for reservations to sports leagues. (DCist)
