Spire Capital has acquired Accuship.com, LLC, the transportation spend management division of Iron Data Solutions (Iron Data TSM). This investment marks Spire’s third transaction for its third fund, Spire Capital Partners III.
Iron Data TSM provides software-enabled transportation spend management services that allow its customer to optimize their transportation spend. The company serves multiple end markets including consumer, retail, manufacturing, technology, telecommunications, financial services, and healthcare. Over 30 Fortune 500 companies are existing customers of Iron Data TSM. The company has more than 140 employees and is headquartered in Memphis with additional locations in St. Simons, GA; Amsterdam, Netherlands; Shenzhen, China; and Manila, Philippines (www.Accuship.com).
Spire partnered on this transaction with the existing management team of Iron Data TSM, led by the company’s President, Jerry Rau.
“We are excited to partner with Jerry and the other members of his management team,” said Sean White, Partner of Spire Capital. “The company has developed a strong base of Fortune 500 clients and our strategy will be to invest significant resources into new product development as well as sales and marketing efforts.”
Senior debt for this transaction was provided by Webster Bank. Iron Data Solutions was advised by investment bank Stifel and Sheppard Mullin Richter & Hampton served as counsel to the company. Denton’s served as legal counsel to Spire Capital.
“We believe that the TSM solution sector has significant global growth potential given the magnitude and complexity of today’s global supply chains,” said Ben Meyer, Principal of Spire. “Iron Data TSM is uniquely positioned to take advantage of this market growth potential.”
Spire Capital Partners invests from $15 million to $40 million in companies with revenues of at least $10 million and EBITDAs of $5 million. Sectors of interest include business services, information services, media, education and communications. Spire Capital is investing out of its third fund and has managed over $700 million in private equity commitments since its founding in 2000. The firm is led by partners Andy Armstrong, Bruce Hernandez, David Schaible and Sean White and is based in New York with an additional office in West Conshohocken, PA (www.spirecapital.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 4-3-14
