Tenstreet, a web-based provider of driver recruiting software and workflow solutions, has received what it calls a significant investment from Spectrum Equity, a growth equity firm.
The investment will be used to accelerate development of Tenstreet’s product portfolio and position the company to grow.
“I’m grateful for the success we’ve had so far and am looking forward to creating even more value for both clients and drivers in the future,” said Tim Crawford, who will assume the role of CEO in conjunction with this transaction (he previously was president). “We believe that partnering with Spectrum positions us well for building even better solutions for the transportation industry.”
Through Tenstreet’s core products, IntelliApp, Xpress and Xchange, the company offers solutions for recruiting, applicant tracking, hiring, onboarding and managing drivers for any fleet of 5 to over 500 trucks. Tenstreet’s database contains information on more than 3.5 million drivers that is populated with over 150,000 online applications every month.
“Given the increasingly demanding compliance requirements facing carriers, locating qualified drivers is only part of the challenge,” said Chris Mitchell, a managing director at Spectrum Equity. “Tenstreet’s workflow further automates the process of screening, onboarding, and training drivers in a centralized, easy-to-use platform. We are thrilled to partner with Tenstreet on their next phase of accelerated growth and success.”