Cambridge Capital, a supply chain-focused investment firm, announced Wednesday that it has made a majority investment in Stat Recovery, a retail auditing software. The investment aims to enhance Stat Recovery’s technological capabilities, expand its sales teams into new retail categories beyond food and beverage and health and beauty, and strengthen its partnerships with other industry providers.
Terms of the investment, which took place earlier in May, were not disclosed.
“STAT’s success has shown that over 50% of retail compliance deductions actually relate to errors on the retailers’ part, versus the supplier, and should not have resulted in deductions,” Cambridge Capital representatives said in a statement to FreightWaves. “STAT has helped numerous large retail suppliers recover this revenue and improve overall supply chain operations, leading to higher retailer and supplier satisfaction.”
Related: Bootstrapped Boa Logistics receives majority investment from Cambridge Capital
“Our investment in STAT reflects what we seek in every new portfolio company and underscores why we continue to focus exclusively on supply chain companies led by outstanding teams that benefit from the additional resources we can bring to them.”
The commitment to providing additional resources can already be seen in executive and board member positions that were announced along with the investment.
Cambridge Capital’s operating advisor, Kamal Sundar, will now lead the team as CEO, while co-founder and former CEO Casey Roberts will take on the role of president while retaining his ownership stake in the company.
Related: Cambridge Capital makes majority investment in Everest Transportation Systems’ growth strategy
“Joining STAT as CEO is an incredible opportunity to leverage my experience to solve key client invoicing challenges. …,” said Sundar, former vice president of supply chain at ShipBob and previously held leadership roles at Amazon. “The company’s cutting-edge technology and differentiated approach to retail supplier revenue optimization offers a powerful foundation for future growth and innovation.”
Cambridge Capital’s Benjamin Gordon, managing partner, and principal Matt Smalley have joined Stat’s board of directors. Ken Frieze, chairman of Gordon Brothers, Bill Mines, former Walmart logistics executive, and Chris O’Brien, former chief commercial officer of C.H. Robinson, will join the board as independent directors.
“When I was leading go-to-market for a $26 billion annual revenue public company providing logistics and transportation services to both retailers and retail suppliers, I saw this problem firsthand for decades,” O’Brien said in the release. “At the largest companies, annual retail deductions and fines can hit 7 to even 8 figures. STAT not only helps retail suppliers optimize their revenue, but they also help retailers reduce supply chain and back-office inefficiencies. STAT’s solution is a win-win for both sides. I cannot wait to leverage my network and experience to elevate the strategic positioning of STAT.”
3 things I learned at Uber Freight’s Carrier Summit
FleetPulse spun off from Great Dane, raises $11M for trailer telematics
GoodShip raises $8M to ramp up procurement platform features
The post Cambridge Capital makes majority investment in retail auditing solutions appeared first on FreightWaves.