Logistics.com, Burlington, Mass., which provides transportation procurement and management technology, has secured $10 million in additional backing from Internet Capital Group.

This follows $15 million of previously unannounced financial support late last year. This funding provides Logistics.com the required financing to continue its rapid growth, according to the company.
"We believe that the strength of Logistics.com's management team, significant momentum, and demonstrated revenue and customer base growth, position the company as the clear leader in the transportation technology space," said Walter Buckley, president and CEO of Internet Capital Group, which increased its ownership from 36 percent to 97 percent.
"Logistics.com is well-positioned in the e-logistics fast lane, despite the softened economy, and continues to announce new, high-quality customers," said Ting Piper, program manager of e-logistics research at IDC. Customers include Compaq Computer, Colgate-Palmolive, PPG Industries, Quaker Oats, Wal-Mart, and eight of the top 15 trucking companies in North America.
For the first half of 2001, 47 percent of the company's business came from new clients; bookings in the second quarter of 2001 were up 82 percent from bookings in the first quarter of 2001.