NTransit's Unlock service protocols provide auditing and expense management of parcel shipments, saving money for companies that use such national carriers as UPS, Federal Express and DHL. The acquisition strengthens the industry-leading position of the Transportation Information Services (TIS) Division of Cass, which typically pays more than $14 billion in freight expenditures for major health care, manufacturing, food and chemical companies. The transaction closed July 7, 2006. Financial terms were not disclosed.
"There has been tremendous growth in parcel shipping - a unique segment of the transportation industry that requires specialized services and expertise, said John Pickering, chief operating officer of the TIS division. This acquisition positions Cass to offer customers and the market significant savings and meaningful improvement in the management of their parcel shipments by applying the proprietary protocols developed by NTransit."
NTransit was founded in 1999 in response to dramatic growth in parcel shipping. Its UnLock system includes cost recovery for guaranteed service, proof of delivery, and detection of duplicate billings and invoice errors. Its expense analysis tools create visibility and opportunities to correct costly shipping inefficiencies. Clients typically experience average savings of two to three percent on their annual parcel shipment budget. "We continue to seek acquisitions that add value and provide opportunities for growth in the information processing sector. The services that NTransit provides will also be attractive to customers of Cass' Utility and Telecom Information Services divisions," said Eric H. Brunngraber, president.
St. Louis, Mo.-based Cass is the leading provider of transportation, utility and telecom invoice payment and information services. The company, which has been involved in the payables services and information support business since 1956, disburses over $16 billion annually on behalf of customers from processing centers in
