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Overhaul Executes Accelerated Global Expansion Strategy, Advances Product Innovation and Recruits World-Class Talent Leveraging Series B Funding
Wednesday, October 6, 2021
AUSTIN, Texas, Sept. 28, 2021 /PRNewswire/ -- Overhaul, the industry's first and only software-based, supply-chain visibility, integrity, and security solution for leading enterprises shipping freight globally, has announced continued momentum in a record year following its recent $35 million Series B funding. Enhancing its already global presence, Overhaul is in the process of expanding its current global footprint by adding additional offices in Europe and Latin America; which coupled with the announcement of strategic industry partnerships and its ongoing commitment to driving innovation across its products and services to support an expanded roster of global clients with varying and complex supply chain needs, continues to solidify the company's market leadership.
Founded in 2016, Overhaul has grown to be a trusted provider of supply-chain technology for Fortune 100 companies that move freight globally for various industries, including pharmaceutical and healthcare, technology, logistics, and food and beverage, having covered billions of dollars in cargo in the last few years.
Through the end of 2020, the company cited a 108% increase in net revenue year-over-year and is on track to close out another year of exceptional growth. The company is reporting 86% annual recurring revenue year-to-date with a projected $25-35 million in overall revenue. Overhaul provides visibility to about $7.5 billion in freight daily and customer count around the world has increased by 50% compared to 2020.
Key Milestones and Forward-looking Plans Include:
-- International Expansion: Servicing global enterprises, Overhaul will
continue to extend its international footprint - expanding the breadth
of real-time visibility and risk management solutions offered in Latin
America and Europe. Responding to intensifying demand from global
companies looking for greater insight to both protect and optimize their
end-to-end supply chain operations, Overhaul will announce new office
openings and deeper expansion in Mexico, Ireland and Italy in the coming
months, delivering in-region expertise to customers navigating the
growing complexities of today's supply chain environment with boots on
the ground support.
-- Growing Workforce: Since its inception, Overhaul has made considerable
investments into building its workforce and recruiting world-class
supply chain, security and technology talent to deliver on its
commitment to customers and partners. With a remote first and friendly
environment, Overhaul commits to ensuring only the best talent is hired
around the world with a priority focus on building a diverse network to
service various parts of the business. Since 2018, the company has grown
headcount by more than 500% and to date in 2021, hiring has increased
75% over last year. This will be further supported by key hires in the
pipeline including the addition of a Chief Product Officer, Chief
Revenue Officer and Chief Financial Officer.
-- Strategic Partnerships: Overhaul explored new opportunities in 2021,
expanding the reach of its software portfolio via new strategic
partnerships with leading technology players globally. From partnering
with CalAmp to deploy its technology as part of Overhaul's full-stack
cold chain tracking solution for pharmaceutical companies to
collaborating with CNA, one of the largest commercial property and
casualty insurance companies, to offer motor carriers preferred
insurance pricing and policy terms, Overhaul remains committed to
building relationships that bring added value to its customers.
-- Expanded Product Portfolio: The increasing number of customer
engagements would not have been successful were it not for Overhaul's
continued product innovation - bringing market critical technology to
some of the industry's most pressing challenges. Among the advancements
brought to market, this year Overhaul unveiled TruckShield, an
industry-first, risk-management technology solution for North American
motor carriers. TruckShield is a quickly implemented, low-cost solution
that uses existing motor-carrier fleet hardware to identify dangerous or
illegal driving practices in real time and implement corrective actions
to avoid costly situations that can develop due to motor accidents. In
addition to identifying and correcting costly behavior, TruckShield also
defends against predatory legal practices in the event of an accident,
digitizes and centralizes insurance, maintenance, and safety management,
and builds a data profile to showcase safety culture to insurers.
Other updates to Overhaul's product portfolio include the addition of Asset Manager, which provides real-time asset visibility, whether they are in-transit or in-yard. Real-time information allows the warehouse, yard, and fleet management teams to make better business decisions and add value to the company's operations, driving down costs by reducing dwell time, improving processes, and increasing productivity. A single unified view of all assets in real-time, down to the precise location in the yard with polygonised zones and geo-fenced arrival notifications supports greater efficiency. Fleet managers can manage asset location based on actual and upcoming needs and identify asset type and location to assist with planning. Temperature reporting data for reefers is visible down to zone-level and remote-control management reduces hands-on prep of assets before dispatch.
Overhaul's technology was well equipped to support pandemic response with its applications and platform features for time and temperature-sensitive products. While providing global risk management for some of the most critical products like COVID vaccines, Overhaul also provided transportation visibility to a broader customer base through order-level visibility, predictive ETAs and advance notifications of delays and directive corrective actions.
Overhaul also expanded its Intelligence and Response team and its extensive law enforcement network, LE Connect, to expedite cargo theft recovery around the world.
"2021 has been a transformative year for Overhaul, particularly as we closed our Series B round and sharpened our focus on serving our existing customer base while extending our offering to stay ahead of the rapidly evolving supply chain landscape," said Barry Conlon, CEO and founder of Overhaul. "From the sheer number of new customer engagements and subscriptions to the development and release of market-shaping software, I am truly proud of all we have accomplished this year. The developments of 2021 reaffirm Overhaul as the gold standard of industry solutions for stakeholders across the global supply chain, from container to truck, and everyone in between."
About Overhaul:
Founded in 2016 and headquartered in Austin, Texas, Overhaul is the industry's first and only holistic, end-to-end solution that optimizes supply-chain visibility, integrity, and security for global enterprises. Its software-based approach offers high configurability and efficient time-to-value to supply-chain organizations without the heavy tech debt found with hardware-based providers. Additionally, Overhaul's logistics-experts team partners with each client to create a fully customized and comprehensive solution for the entire supply chain, not just pieces of it. As such, Overhaul has quickly grown to be a trusted provider for Fortune 100 companies moving freight globally across industries, such as pharmaceutical and healthcare, technology, logistics, and food and beverage. Customers include Microsoft, Bristol Myers Squibb, Gordon Food Service, and many others. For more information, visit over-haul.com and the Overhaul Blog, and follow them on LinkedIn, Twitter, and Facebook.
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SOURCE Overhaul
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