INTTRA, a Parsippany, NJ-based e-commerce platform for the ocean freight industry, has received a $30m investment from later-stage growth company investor ABS Capital Partners.
The company will use the funds to develop new products and services and for new market opportunities.
In 2009, INTTRA introduced an industry eInvoice platform and NVOCC (Non-Vessel Operating Common Carrier) product, which will be enhanced through the new capital.
In conjunction with the investment, ABS Capital General Partner Bobby Goswami and Chairman and Founding Partner Don Hebb, serving as chairman, will join the company’s board of directors.
Commenting on the transaction, Ken Bloom, CEO of INTTRA, was quoted as saying: “This investment follows $100m of long term contracts with ocean carriers, now extended, and further strengthens our position as the premier global e-commerce shipping platform and a valued resource in the industry.
“We believe that through this investment, our customers will benefit significantly through development and delivery of new, value-driven products and services.
“ABS Capital’s investment will give us the financial strength to accelerate our business plans and operations”.
Plans include developing and implementing a new commercial strategy that consists of a dedicated sales staff for both carrier and high-volume shipper accounts and a professional services program to assist carriers in achieving their e-commerce objectives.
INTTRA’s current solutions connect ocean carriers and shippers on a global e-commerce network and enable standardized automation of critical functions such as user acquisition, shipment booking and management and freight settlement.