Since Day 1, Transfix has been on a mission to build the world’s most connected and intelligent freight platform. And, with each step we’ve taken toward that goal, we’ve remained focused on strong and strategic partnerships, harnessing data and insights, and delivering innovative solutions that help our customers thrive in the ever-evolving freight market.
As we look to the future, we have determined that the best path forward to continue on our mission – given the current public market conditions – is for Transfix to remain a private company at this time. To that end, Transfix and G Squared Ascend I have mutually agreed to terminate our Special Purpose Acquisition Company (SPAC) Business Combination Agreement.
Through this process we have fostered a strong partnership with G Squared, who, together with NEA, also an existing investor, will be leading a new round of financing in support of Transfix’s growth. We believe this funding will allow us to continue to invest in our key business drivers which include: technology and solutions, offering the best service in the industry, and advancing our relationships with shippers and carriers.
Additionally, a core focus continues to be sustained, profitable growth. And to that end, we have made the decision to streamline aspects of our operations. We strive every day to be adaptable and resilient in everything we do, and with every decision we make. These adjustments – while difficult – are required to meet and exceed the current and future needs of the freight industry.
Our customers continue to appreciate the strength and agility of our model, and we are incredibly optimistic about our ability to drive value and impact for their businesses, and the industry at large.
Through all of this, our vision remains the same: to create a world where goods can move seamlessly, sustainably, and with trust. We look forward to continuing our focus on growth, innovation, and pioneering the road ahead.