CHICAGO, IL -- (Marketwired) -- 02/05/15 --
Echo Global Logistics, Inc. (NASDAQ: ECHO), a leading provider of technology enabled transportation and supply chain management services, has acquired all of the assets of Xpress Solutions, Inc. ("Xpress"), a transportation brokerage headquartered in Frankfort, IL. Effective immediately, Xpress will begin doing business as Echo Global Logistics, Inc.
Founded in 1999, Xpress is a non-asset provider of both Less-Than-Truckload ("LTL") and Truckload ("TL") solutions with a regional focus in the Midwest. Steve Rotondi, founder of Xpress and a 20-year veteran of the transportation industry, will assume the title of Regional Vice President. All existing management and employees will remain with Echo subsequent to the acquisition.
"We are pleased to be the latest addition to the Echo organization," stated Steve Rotondi. "We look forward to expanding our client service offering by utilizing Echo's nation-wide LTL and TL carrier network and Managed Transportation solutions."
"Xpress Solutions has shown consistent and impressive growth and is an excellent strategic and cultural fit," said Doug Waggoner, Chief Executive Officer of Echo. "Further, this acquisition provides us with a portfolio of small and middle market shippers who will benefit from the full range of technology-enabled transportation solutions we are able to provide."
Xpress has grown revenue by approximately 20% in each of the last three years. It delivered approximately $13M of gross revenue in 2014.
About Echo Global Logistics
Echo Global Logistics, based in Chicago, is a leading provider of technology-enabled transportation and supply chain management services. Echo maintains a proprietary web-based technology platform that compiles and analyzes data from its network of over 30,000 transportation providers to serve its clients' transportation and supply chain management needs.
Echo services clients across a wide range of industries, such as manufacturing, construction, consumer products and retail. For more information on Echo, visit: www.echo.com.
INVESTOR RELATIONS CONTACT:
Echo Global Logistics
Chief Financial Officer
Director of Finance
Source: Echo Global Logistics
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