O2 Investment Partners invests in an automated invoice audit firm

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O2 Investment Partners’ SIB fixed cost reduction platform has made a strategic investment in Shipware. // Courtesy of Shipware

O2 Investment Partners, a Bloomfield Hills private equity firm, announced that its SIB fixed cost reduction platform has made a strategic investment in Shipware. SIB has made four additional investments since March 2020. Terms of the investment were not disclosed.

Founded by Trevor Outman and Rob Martinez, Shipware provides contract optimization, benchmarking, expense management reporting and invoice auditing services to help customers reduce the costs of shipping small packages and LTL.

“We searched from top to bottom to identify a partner who would align with our values-driven culture and propel Shipware towards greater market dominance,” says Outman. “I am very proud to say that we have found exactly that with the SIB platform and leadership.

“The synergies of the combined organizations are impressive. New opportunities will be created for our respective clients, and career development opportunities will emerge for both them and our teammates. “

The company’s cloud-based reporting platform provides analytics for better visibility into expense management, enabling customers to make smart and cost-effective transportation decisions.

“Shipware is a transformative acquisition for our business,” says Kevin Flounders, CEO of SIB. “The company serves a diverse and growing customer base who have greatly benefited from Shipware’s expertise in managing transportation expenses. We are well positioned to expand our relationships with our clients by optimizing spend across a wider range of categories. We are delighted to partner with the extremely talented team at Shipware and to see great growth potential ahead of us. “

Pat Corden, Partner at O2, commented: “O2 is very happy to bring the capabilities of Shipware to the SIB platform. There is a strong chemistry between the leadership teams and the combined value proposition is compelling to our clients. We appreciate the Shipware team’s confidence in SIB and O2, and we also extend our thanks to our financial partners Tree Line Capital Partners, Stellus Capital Management, Capital Southwest and LBC Small Cap for their support in this investment.

SIB is a leader in fixed cost reduction services providing invoice analysis, supplier management, and cost tracking for customers in various expense categories, including telecommunications, utilities, waste management, shipping and logistics. The company receives contingency fees based on savings for clients. SIB is headquartered in Charleston, South Carolina.

O2 Investment Partners acquires majority stakes in lower middle market B2B services, technology and certain niche industrial companies. The company invests with the aim of partnering with management to develop and develop the company and take it to its next stage of development.

For more information visit www.o2investment.com.


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