Odyssey Logistics & Technology Revenues Grow 66 Percent
Company continues to invest in technology and operational infrastructure
DANBURY, Conn. (Feb. 14, 2012) — Benefiting from solid organic growth as well as successfully integrating four recent acquisitions, global lead logistics provider Odyssey Logistics & Technology Corporation (OL&T) announced today that net revenues grew 66 percent in 2011. The company also continued to add new employees across all its businesses.
“The marketplace continues to benefit from OL&T’s growth,” said Robert Shellman, president & CEO, OL&T. “Our consistent focus on providing broader service offerings, a larger transportation network and state-of-the-art-technology advancements all result in an enhanced competitive advantage through lower costs for our current and future customers. Further, we are very pleased to add a significant number of new jobs proving that businesses like ours help drive the global economy,” Shellman said.
“Continued investments in our global technology platform and operational infrastructure, coupled with successful execution of our acquisition strategy, have driven significant top-line and bottom-line growth,” said Cosmo Alberico, executive vice president and chief financial officer, OL&T. “As a result, OL&T will continue to reinvest capital to further build out its transportation management and logistics service capabilities to all markets in North America, EMEA and Asia.”
OL&T successfully integrated four acquisitions from April 2010 through January 2011. In April 2010, OL&T acquired International Forwarders, Inc. (IFI), an export freight forwarder and customs house broker based in Charleston, S.C. The purchase added customs broker and duty drawback capabilities to OL&T’s portfolio.
In December 2010, OL&T purchased Capital Transportation Solutions (CTS), a non-asset-based third-party logistics provider specializing in less than truckload (LTL) transportation spend management. CTS provides truck brokerage services to exporters, importers and domestic shippers to lower their costs and increase their productivity through the use of proprietary strategies and “On Demand” software. Purchasing CTS diversified OL&T into the retail, wholesale and manufacturing sectors and assists OL&T in providing services to smaller process and chemical customers.
In January 2011, OL&T acquired two companies. The first was Optimodal, Inc., an intermodal company specializing in the multi-modal transportation of bulk liquids in ISO tanks and related services throughout North America. Optimodal is one of the largest chemical sector intermodal service providers in the United States. The purchase enabled OL&T to offer an extensive rail network of intermodal transportation services while lowering its clients’ carbon footprints approximately 50 percent compared to over-the-road transportation services.
The second acquisition in January 2011 was Chemical Marketing Concepts (CMC), a global leader in the field of outsourced sample fulfillment and logistics services. The purchase of CMC expanded OL&T’s portfolio into the rapid small order fulfillment and logistics sector. These services are now also deployed in China and will be offered throughout the Asian marketplace.
The Odyssey logistics network spans throughout North America into Europe and Asia serving all modes of transport with coverage in more than 200,000 transportation lanes and 250 ports worldwide. OL&T deploys a proprietary technology platform for its clients and suppliers facilitating collaborative activities that drive significant cost savings from the network while improving visibility of cargo movements and customer service.
Odyssey Logistics & Technology (OL&T) is a global lead logistics provider that empowers global logistics professionals with technology, processes and information for better decision making. OL&T leverages four main components to drive cost savings for clients and generate better service from transportation suppliers: supply chain network evaluation and design; a patented, Web-based information technology infrastructure; proven operational processes; and volume aggregation to provide economies of scale for greater efficiencies. In addition to fully managed logistics services, OL&T also offers individual 3PL services that include truck brokerage, intermodal transportation, customs brokerage, freight forwarding, facilities management, sample and small order distribution, and more.
The Odyssey Global Logistics Platform SM features a transportation management system that supports the safe, reliable and efficient delivery of client products throughout the world.