Copyright 2002, Traffic World Magazine
Yellow Corp. is rebranding its Transportation.com subsidiary as Meridian IQ. The nonasset-based technology company will be geared toward offering web-based transportation management technology to Yellow customers, said Bill Zollars, chairman, president and CEO of Yellow Corp.
Jim Ritchie, formerly president and CEO of Transportation.com, is president and CEO of Meridian IQ. Ritchie was also president and CEO of Yellow Global, the international freight forwarding arm of Yellow Corp. and subsidiary of Transportation.com.
Transportation.com became fully owned by parent company Yellow last year. The company was funded initially by Yellow Corp., TL Ventures, an institutional venture capital firm, and Enertech Capital Partners, a private equity firm. Yellow announced the change in its third-quarter earnings release for 2001.
In a letter to shareholders at that time Zollars said that Transportation.com "is increasingly at the center of our strategic effort to build nonasset-based operations that complement our asset-based operations."
In May of last year Transportation.com had 3,000 "paying customers" with $30 million in net revenue, said Ritchie. In February 2001 the company announced integrated air, ocean and land transportation for both import and export with logistics management in major markets around the globe.
When Transportation.com was launched June 30, 2000, it offered an auction site, load matching, creation of online bills of lading, and calculation of assessorial charges for truckload and less-than truckload shipments.
By contrast, Meridian IQ emphasizes international freight and customs brokerage, multimodal brokerage, expedited shipping, and online transportation management tools, consulting and operations management as its offerings. Transportation.com's site is slated to go down this week, said Ritchie.
Meridian IQ and its parent company Yellow are based in Overland Park, Kan. Yellow currently is trying to raise an additional $75 million through selling shares in SCS Transportation, its regional overnight, second-day less-than-truckload and selected truckload transportation subsidiary.