Tenstreet, a leading provider of driver recruiting software and workflow solutions for the trucking industry, today announced the completion of a majority investment from funds advised by Providence Equity Partners (“Providence”), a leading private equity firm.
The investment will aim to accelerate growth in Tenstreet’s team and product portfolio as well as increase Tenstreet’s capacity for strategic acquisitions. Existing investor Spectrum Equity (“Spectrum”) and Tenstreet Co-founder and CEO Tim Crawford will maintain significant minority stakes. Financial terms of the transaction were not disclosed.
Founded in 2006, Tenstreet modernized recruiting in the trucking industry through its suite of recruiting applications that allow trucking carriers and private fleets to widen their applicant funnel, increase the speed of hiring, ensure compliance with trucking regulations and improve the application experience for drivers. Tenstreet maintains a comprehensive network of over 5 million drivers and processes 17 million job applications per year for its 3,700 fleet customers.
Today, Tenstreet provides a full suite of end-to-end SaaS tools that recruiters, hiring managers, safety professionals, and fleet owners rely on to attract, recruit, onboard, manage and retain drivers. Tenstreet’s growing platform of solutions auto-populates drivers’ applications, streamlines recruiters’ day-to-day responsibilities, simplifies the employment verification process and strengthens driver loyalty.
Mr. Crawford said: “Providence’s impressive track record of supporting the growth of technology-driven businesses, including in the transportation and HR compliance sectors, makes them the ideal partner for Tenstreet as we plan for our next stage of growth. We are excited to work with them, along with our current investor, Spectrum, to promote the expansion of our platform and further enhance our solutions for customers.”
William Hughes, Managing Director at Providence, said: “Tim and the entire Tenstreet team have built a unique, market-leading platform that provides critical recruiting and HR solutions to the trucking industry where attracting and retaining talent is essential to meet surging demand for their services. We are excited to partner with the Tenstreet team and Spectrum to build on the Company’s success, pursue organic and inorganic growth opportunities, and drive lasting value for all stakeholders of the company.”
Chris Mitchell, Managing Director at Spectrum Equity, said: “Tenstreet has built an enviable position in the market, and we see tremendous opportunity for continued innovation. We are excited to work with Providence and Tim in continued partnership during this next phase of the company’s growth.”
Providence has significant experience investing in and creating value in both the trucking industry and in the HR software sector, including investments in GlobalTranz Enterprises, Worldwide Express, Vector Solutions, TCP Software and KPA. A complete list of Providence portfolio companies can be found at https://www.provequity.com/portfolio.
DC Advisory served as Tenstreet’s exclusive financial advisor and Choate, Hall & Stewart LLP served as legal advisors to Tenstreet. Raymond James served as Providence’s financial advisor and Weil, Gotshal & Manges LLP served as legal advisor to Providence. Capital One NA and HPS Investment Partners provided financing to support the transaction.