Media Coverage

NEW FUNDING FOR INTEGRES
By William Armbruster

Integres said Monday that it has secured $27 million in equity financing from Technology Crossover Ventures and other strategic partners, bringing its total funding to date to $40 million.

"This gives us the capital to focus all of our energies on our business and giving value to our customers," said Jim Hartigan, president of Rancho Cordova, Calif.-based Integres. "With the amount of capital we've raised now, I'm confident that we won't have to go back to the capital markets any time in the near future."

Integres, formed in May 2001, describes itself as a virtual integrator. After a somewhat rocky start due to criticisms from freight forwarders, it scored its first big coup on Jan. 3 when Roadway Express, Inc., one of the original investors in Integres, announced that Integres' technology would provide the backbone for its new forwarding venture, Roadway Air.

Integres will formally launch its direct product line, aimed at small and medium shippers, in early February. In addition, United Airlines and American Airlines, strategic partners in Integres, are expected to announce new services using Integres technology in the coming months. United was one of the original equity investors in Integres, along with Unisys Corp.

Integres, which is initially concentrating on domestic shipments, claims to have nearly 3,000 planes, 12,000 daily flights, and more than 40,000 trailers working with 400 terminals in its network.

Customers will be able to book shipments to Puerto Rico beginning Feb. 1 and to international markets by late February, Hartigan said in a telephone interview.

Although the Roadway Service was only launched officially earlier this month, Hartigan said Integres is already seeing "a significant amount of bookings from all types of shippers." Hartigan characterized them as medium- to large-size shippers, with products ranging from concrete beams to pharmaceutical supplies and machine parts.

Technology Crossover Ventures, based in Palo Alto, Calif., will provide $15 million of the new funding. Integres spokeswoman Mary Thomson declined to identify the investors providing the remaining $12 million. Henry Feinberg, a partner in TCV, holds one of the six seats on the Integres board of directors.

Jeffrey Horzine, executive vice president and chief financial officer of Integres, said the new funding ensures that it will have sufficient resources to serve its customers "for many years to come."

William Armbruster can be reached at barmbruster@joc.com.