– Applies nearly a decade of data and machine
learning models for shippers to make strategic decisions that
balance cost, predictability, and service –
NEW
YORK, May 9, 2022 /PRNewswire/ -- Transfix, Inc.
("Transfix"), the Intelligent Freight Platform™, today announced
the launch of a beta program for its new sourcing optimization
tool. The solution is designed to modernize the traditional freight
procurement process by allowing shippers to calibrate carrier
commitments and optimize their freight spend. The tool
predicts and prescribes a sourcing strategy based on historical and
real-time data. This enables shippers to procure capacity at an
anticipated optimal rate with the highest expected reliability, and
streamlines the sourcing process to days instead of months.
Transfix will unveil the tool tomorrow at the FreightWaves Future
of Supply Chain Conference, with a live demo at 9AM CT/10AM ET on
the Rapid-Fire Demos stage.
"We've spent almost a decade working with some of the largest
brands understanding their networks and procurement process and we
feel their pain – manual labor, overhead costs, tender rejections,
contract cancellations, and more," said Jonathan Salama, Co-founder and CTO of Transfix.
"After accumulating data on the market and developing our machine
learning models, we have the insights to help shippers run an
effective procurement program that allows them to build sustainable
relationships with carriers in shifting market dynamics."
Transfix's new solution recommends the projected optimal
procurement scenario for specific lanes, based on a combination of
data-driven factors.
The tool will recommend four purchasing options aligned to
specific lanes. These categories include:
- Existing Contract. Shippers have vetted these lanes,
carriers are familiar with the facilities, and Transfix's model
understands the rates are better than what shippers can get if they
started a new RFP. Transfix recommends shippers award these lanes
to these carriers and not bid them out.
- New Contract. Our solution analyzes lanes and looks at
current carriers' performance, volume of shipments, and market
prices to package the lanes into a smaller RFP for shippers.
- Spot. The system recommends the spot market for certain
lanes. If shippers don't run those lanes as frequently, turning to
the spot market can yield the optimal price.
- Dynamic Cost-Plus. While a traditional cost-plus program
only uses historical rates, Dynamic Cost-Plus uses a real-time,
AI-predicted price. Transfix's data-driven approach allows shippers
to take advantage of market volatility and not commit to an annual
contract. This can benefit both shippers and carriers with lanes in
seasonal markets, and with sporadic volume allowing them to build
sustainable relationships.
Once shippers finalize their analysis and decide how to allocate
their shipments, they can execute the RFP directly from the tool.
Every carrier will have the option to select their respective
lanes, agree to the contract, or bid on lanes.
Following the broader launch, shippers will be able to integrate
the solution into their existing TMS via API or execute their RFP
directly from Transfix TMS, an end-to-end solution for shippers
across the shipment lifecycle — source, route, tender, track,
and settle.
"This solution will continually evaluate new opportunities and
alert shippers when market conditions have shifted in their favor,
prompting them to contract, re-price, or move to a Dynamic
Cost-Plus scenario," added Salama. "Our goal is to calibrate
shippers' transportation strategy to optimize service levels and
spend to ultimately remove any potential inefficiencies in
freight."
For more information visit Transfix.
As announced on September 21,
2021, Transfix has entered into a definitive business
combination agreement with G Squared Ascend I Inc. ("G Squared
Ascend I") (NYSE: GSQD), a special purpose acquisition company
sponsored by affiliates of G Squared, that is expected to result in
Transfix becoming a publicly listed company. Completion of the
business combination is subject to customary closing
conditions.
About Transfix
Transfix drives modern supply chain
impact at scale with its Intelligent Freight Platform™. By
combining enterprise-grade, machine-learning technology with
intuitive software and dedicated supply chain experts, Transfix is
enabling organizations to deliver with high performance and high
reliability, drive long-term strategy and capacity planning, take
empty miles off the road, and optimize their networks, at scale.
Today, Transfix connects shippers to 28,000+ carriers with
real-time, many-to-many freight matching and the visibility they
need to make their supply chains more efficient and environmentally
responsible. Learn more at Transfix.io.
About G Squared
G Squared is a global venture capital
firm that partners with dynamic companies throughout their life
cycles as a complete capital solutions provider, working to create
value for companies, investors, employees, and other stakeholders.
The firm focuses on investments in growth-stage technology
companies and has invested in over 100 portfolio companies since it
was founded in 2011. The firm's affiliate, G Squared Ascend I Inc.
("G Squared Ascend I"), offers transformative private companies a
path to public markets via SPAC. For more information on G Squared
and its portfolio, visit: www.gsquared.com. For more information on
G Squared Ascend I, visit: www.gsquaredascend.com.
Media Contact
Chelsea
Horn, Carve Communications for Transfix
chelsea@carvecomms.com
(210) 378-8580
Investor Contact
Investors@transfix.io
Important Information and Where to Find It
In
connection with the proposed business combination involving G
Squared Ascend I and Transfix, Transfix Holdings, Inc. ("Transfix
Holdings") has filed a registration statement on Form S-4, as
amended (the "Registration Statement") with the Securities and
Exchange Commission (the "SEC"). The Registration Statement
includes a proxy statement of G Squared Ascend I and a prospectus
of Transfix Holdings. Additionally, G Squared Ascend I and Transfix
Holdings will file other relevant materials with the SEC in
connection with the business combination. Copies may be obtained
free of charge at the SEC's website at www.sec.gov. Security
holders of G Squared Ascend I are urged to read the proxy
statement/prospectus and the other relevant materials when they
become available before making any voting decision with respect to
the proposed business combination because they will contain
important information about the business combination and the
parties to the business combination and related matters. The
information contained on, or that may be accessed through, the
websites referenced in this communication is not incorporated by
reference into, and is not a part of, this communication.
Participants in the Solicitation
G Squared Ascend I
and its directors and officers may be deemed participants in the
solicitation of proxies of G Squared Ascend I's stockholders in
connection with the proposed business combination. Transfix and its
officers and directors may also be deemed participants in such
solicitation. Security holders may obtain more detailed information
regarding the names, affiliations and interests of certain of G
Squared Ascend I's executive officers and directors in the
solicitation by reading G Squared Ascend I's Annual Report on Form
10-K for the year ended December 31,
2021 filed with the SEC on April 13,
2022, and the proxy statement/prospectus and other relevant
materials filed with the SEC in connection with the business
combination when they become available. Information concerning the
interests of G Squared Ascend I's participants in the solicitation,
which may, in some cases, be different than those of their
stockholders generally, will be set forth in the proxy
statement/prospectus relating to the business combination when it
becomes available.
No Offer or Solicitation
This communication is for
informational purposes only and is not intended to and shall not
constitute a proxy statement or the solicitation of a proxy,
consent or authorization with respect to any securities in respect
of the proposed business combination and shall not constitute an
offer to sell or the solicitation of an offer to buy any securities
or constitute a solicitation of any vote or approval, nor shall
there be any sale, issuance or transfer of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Forward Looking Statements
The information in
this communication may contain statements that are not historical
facts but are "forward-looking statements'' within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and within the meaning of "safe harbor" provisions under the United
States Private Securities Litigation Reform Act of 1995. All
statements, other than statements of present or historical fact
included in this communication, regarding G Squared Ascend I's
proposed business combination with Transfix, G Squared Ascend I's
ability to consummate the transaction, the benefits of the
transaction and the combined company's future financial
performance, as well as the combined company's strategy, future
operations, estimated financial position, estimated revenues and
losses, projected costs, prospects, plans and objectives of
management are forward-looking statements. When used in this
communication, the words "could," "should," "will," "may,"
"believe," "anticipate," "intend," "estimate," "expect," "project,"
the negative of such terms and other similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on management's current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law, G
Squared Ascend I and Transfix disclaim any duty to update any
forward-looking statements, all of which are expressly qualified by
the statements in this section, to reflect events or circumstances
after the date of this communication. G Squared Ascend I and
Transfix caution you that these forward-looking statements are
subject to numerous risks and uncertainties, most of which are
difficult to predict and many of which are beyond the control of
either G Squared Ascend I or Transfix. In addition, G Squared
Ascend I and Transfix caution you that the forward-looking
statements contained in this communication are subject to the
following factors: (i) the occurrence of any event,
change or other circumstances that could delay the business
combination or give rise to the termination of the agreements
related thereto; (ii) the outcome of any legal proceedings that may
be instituted against G Squared Ascend I or Transfix following
announcement of the transactions; (iii) the inability to complete
the business combination due to the failure to obtain approval of
the shareholders of G Squared Ascend I, or other conditions to
closing in the transaction agreement; (iv) the risk
that the proposed business combination disrupts G Squared Ascend
I's or Transfix's current plans and operations as a result of the
announcement of the transactions; (v) Transfix's
ability to realize the anticipated benefits of the business
combination, which may be affected by, among other things,
competition and the ability of Transfix to grow and manage growth
profitably following the business combination; (vi)
costs related to the business combination; (vii) changes in
applicable laws or regulations; (viii) rollout of
Transfix's business and the timing of expected business milestones,
(ix) the effects of competition on Transfix's business,
(x) supply shortages in the materials necessary for
the production of Transfix's products, (xi) risks
related to original equipment manufacturers and other partners
being unable or unwilling to initiate or continue business
partnerships on favorable terms, (xii) the termination
or reduction of government clean energy and electric vehicle
incentives, (xiii) delays in the construction and
operation of production facilities, (xiv) the amount
of redemption requests made by G Squared Ascend I's public
stockholders, (xv) changes in domestic and foreign
business, market, financial, political and legal conditions, and
(xvi) the possibility that Transfix may be adversely
affected by other economic, business, and/or competitive factors.
Should one or more of the risks or uncertainties described in this
communication, or should underlying assumptions prove incorrect,
actual results and plans could differ materially from those
expressed in any forward-looking statements. You should carefully
consider the risks and uncertainties described in the "Risk
Factors" section of G Squared Ascend I's final prospectus filed
with the SEC on February 8, 2021 and
its Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on
April 13, 2022, and other documents
of G Squared Ascend I filed, or to be filed, including the proxy
statement/prospectus, with the SEC. Additional information
concerning these and other factors that may impact the operations
and projections discussed herein can be found in G Squared Ascend
I's filings with the SEC. G Squared Ascend I's SEC filings are
available publicly on the SEC's website at
www.sec.gov.
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SOURCE Transfix