Global supply chain integrity company looks to accelerate growth and expand team at new European headquarters
DUNDALK, Ireland, March 10, 2020 /PRNewswire/ -- Overhaul, a real-time supply chain integrity technology solution, today announced $17.5 million in growth investment led by leading U.S. growth equity investor Edison Partners, with participation from Overhaul's existing investor, Abbey International Finance Group. Additionally, the company reported today the expansion of its European headquarters in Dundalk, Ireland. The growth capital from Edison Partners brings Overhaul's total funding to $27.5 million.
Launched in 2016 in Austin, Texas, Overhaul leverages visibility to detect and automatically correct noncompliance within supply chains and has grown to be a trusted provider of integrity solutions for healthcare, high-tech, and food industry Fortune 100s moving freight globally. Overhaul plans to use the investment to achieve its aggressive growth goals in 2020, bolster product offerings to support broad market use, grow its new European headquarters in Ireland as well as its team in North America, and expand reach into other key global markets. Overhaul tripled in size in 2019 and is set to repeat this growth in 2020.
"We are looking forward to embracing the talent pool in Ireland and offering exciting career paths to support the growth of the next generation of innovators," said David Broe, CFO of Overhaul. The company plans to hire as many as 50 new technology-focused team members in Dundalk over the next three years. These positions include Developers, UX/UI Designers, Product Managers, Program Managers, Architects, Data Scientists, DevOps, and QA. Several roles have already been advertised for immediate hire with more to follow.
"Ireland is a natural choice for our expansion into Europe due to its focus on manufacturing within the healthcare and consumer electronics industries, and we are looking forward to joining and contributing to a strong local innovation ecosystem," said Barry Conlon, Overhaul CEO and Founder. As a former member of the Irish Defense Forces, Irish Special Operations Unit, Army Ranger Wing, Conlon gained unique security operations experience in all aspects of Special Forces Operations during his eleven-year tenure. He moved from Ireland to Texas and became a citizen in 2011. He is the former CEO and President of FreightWatch, which was acquired by United Technology Corporation in 2012.
Overhaul is a supply chain integrity solutions company that allows shippers to connect disparate sources of data into the first fully transparent platform designed for the logistics industry. The result? Data that is transformed into critical insights that can instantly trigger corrective actions, impacting everything from temperature control to handling requirements or package-level tracking, ensuring cargo arrives at its destination safely, undamaged, and on time. All active shipments, all corresponding data sources, all in real-time through a single unified view. For more information, visit www.over-haul.com.
About Edison Partners
For more than 30 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm's investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in enterprise solutions, financial technology, and healthcare IT sectors, Edison targets high-growth companies with $5 to $25 million in revenue; investments also include buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison's active portfolio has created aggregated market value exceeding $10 billion. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets throughout the eastern United States.
About Abbey International Finance Group
Abbey is a privately-owned group registered and located in Ireland that provides niche financial solutions to a variety of business sectors. Abbey operates through three commercial divisions: leasing, insurance, and private equity real estate and has offices/affiliates in Dublin, Paris, London, Austin, Texas, and Malta. Abbey was founded in 1990 and has grown successfully to have a current net worth in excess of $150 million, affording the company a solid base for further expansion, in the years ahead. For more information, visit www.abbeyintfin.ie.