Los Angeles, CA – Capstone Partners announced that it served as the exclusive financial adviser to Tenstreet on its growth investment from Spectrum Equity. Tenstreet is the leading web-based provider of driver recruiting software and workflow solutions for the trucking and transportation industry. Tenstreet was founded in Tulsa, OK by Craig Johnson, Tim Crawford, Mike Hanisch, Bryan Riddle and Dale Reagan to address the hiring challenges and inefficiencies facing long haul carriers in North America. After a decade of bootstrapped, profitable growth, the company has established itself as the clear leader in recruiting, applicant tracking, hiring, onboarding and managing drivers for any business with a fleet of 5 to over 500 trucks.
David Michaels, Managing Director and Head of Technology & Telecom at Capstone Partners, commented, “The Tenstreet founders have built a very successful SaaS business with compelling financial and customer retention metrics that investors get excited about. The fact that they have done this without outside capital is even more impressive. The investment from Spectrum Equity will help take the business to the next level and we are delighted to have played a role in helping the Tenstreet team set the company up for the next chapter of success.”
Craig Johnson, CEO of Tenstreet remarked, “Capstone did a great job at helping us to secure an investment from Spectrum Equity. Capstone helped by setting expectations, managing negotiations, working through terms of the LOI and the definitive agreement, and smoothing down the many bumps that always come up during negotiation.”
Tenstreet provides web-based tools to nearly 1,000 motor carriers and private fleets to help recruit, hire and manage drivers. Over the last decade, the platform has been used by 3 million drivers and offers drivers the easiest way to find their next job. For more information, visit www.tenstreet.com.
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For more than 20 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading internet, software and information services companies. Representative investments include Ancestry, Bats Global Markets, GoodRx, Grubhub, ITA Software, lynda.com, SurveyMonkey, Verafin, and World-Check. For more information, visit www.spectrumequity.com.