Diversis Capital acquired majority ownership of Tideworks Technology from Carrix, expanding the private equity firm’s portfolio of vertical software businesses. Tideworks provides terminal operating system software and related technology for marine and intermodal rail terminal operations. The company serves more than 130 facilities globally.
Founded in 1999 as the technology division of Carrix, Tideworks has developed a suite of software products used by terminal operators across North America, Europe, and Latin America.
Its offerings include the Mainsail 10 terminal operating system, Intermodal PRO, and a range of planning and execution tools.
More than 300,000 logistics professionals use Tideworks’ software daily.
Diversis plans to invest in Tideworks’ product development, go-to-market capabilities, and relationships with terminal operators and intermodal rail customers.
The transaction will position Tideworks to operate as a standalone and independent software company.
Carrix is majority owned by Blackstone Infrastructure Partners.
Diversis said it plans to apply its software-focused operational and value creation capabilities to support Tideworks’ next stage of growth.
KEY QUOTES:
“Since its founding, Tideworks has been an integral part of Carrix, and we are proud of the exceptional product and team that has been built over the past 25 years. As Tideworks enters this next chapter, it was important to us to find a partner with deep software experience to work closely with the Tideworks leadership team to further enhance the platform and expand its product capabilities. We believe Diversis is the right partner with the experience and collaborative approach to help Tideworks continue delivering the quality, innovation, and service that its customers rely on.”
Uffe Ostergaard, CEO of Carrix
“This is an exciting new chapter for Tideworks and our customers. As an independent software company backed by Diversis, we are well-positioned to accelerate our product roadmap, expand our global footprint, and continue delivering the innovation and service that terminal operators around the world depend on.”
Subbu Bhat, President of Tideworks Technology
“We have been looking for the right vertical software business in the port and logistics technology space for some time, and Tideworks is exactly the type of company we love to partner with – a true market leader with a mission-critical product, a loyal and growing customer base, and a highly talented management team.”
Kevin Ma, Co-Founder and Managing Partner of Diversis Capital
Source: pulse2.com
