Schneider Acquires Freight Payment Firm
March 17, 2000
Schneider Logistics, Green Bay, WI, has acquired the freight payment services of Tranzact Systems, Ltd., a freight payment business that processes in excess of $4 billion in payments annually.
The new company will be named Tranzact Payment Services, and — as a stand-alone freight payment business unit — will allow customers to purchase freight payment
and audit as a separate service.
"This acquisition is consistent with our strategy to explode the growth of our non-asset business," said Chris Lofgren, chief information and logistics officer for Schneider. "We are committed to growing the freight payment business and creating value for our customers through the innovative use of technology, information and process reengineering.
The move expands Schneider's portfolio of logistics products and services...[and] also represents a significant enhancement to Schneider's ability to manage its customers' "back office" functions relative to moving freight.”
Tranzact's remaining businesses, Tranzact Technologies and Freedom Logistics, which were not part of the transaction, will continue to concentrate on Freedom and Internet based software applications.
Tranzact Payment Services has approximately 300 employees and will maintain its operations in Homewood and Sugar Grove, IL, and operate as a stand-alone company.