Diversis Capital has acquired a majority stake in Tideworks Technology from Carrix, a marine and intermodal terminal operator majority owned by Blackstone Infrastructure Partners. No financial terms were disclosed.
Tideworks was founded in 1999 as the technology division of Carrix and is headquartered in Seattle, Washington. It provides terminal operating systems for marine and intermodal rail terminal operations and serves more than 130 facilities worldwide. Its product suite includes the Mainsail 10 terminal operating system, Intermodal PRO and a range of planning and execution tools.
These are used by terminal operators across North America, Europe and Latin America, with more than 300,000 logistics professionals relying on them daily. Diversis plans to invest in accelerating Tideworks’ product innovation, expanding its go-to-market capabilities and deepening its relationships with terminal operator and intermodal rail customers. Tideworks will operate as a standalone, independent business.
“We have been looking for the right vertical software business in the port and logistics technology space for some time,” said Kevin Ma, co-founder and managing partner of Diversis. “We intend to invest meaningfully in the platform, the team, and the product…” Founded in 2013, Los Angeles-based Diversis is a software and technology-focused private equity firm. Carrix, also headquartered in Seattle, was founded in 1949.
Source: PE Hub · Summarized by HeadlinesBriefing