In The News

Driver clearinghouse Tenstreet acquired by Providence Equity Partners

By John Paul Hampstead, Director - Passport Research
Posted Oct 5th 2021 12:51PM

Seating trucks remains a challenge

Tenstreet, a leading provider of driver recruiting software and workflow solutions for the truckload industry, announced Monday morning that it was acquired by Providence Equity Partners, a private equity firm. Spectrum Equity, which took a stake in Tenstreet in 2016, was a seller in the deal, although it retains a material equity position in Tenstreet.

Financial terms of the deal were not disclosed, and Tenstreet would not report metrics like revenue or EBITDA. The company has 132 employees on LinkedIn. DC Advisory advised Tenstreet on the deal.

“Providence’s impressive track record of supporting the growth of technology-driven businesses, including in the transportation and HR compliance sectors, makes them the ideal partner for Tenstreet as we plan for our next stage of growth,” said Tim Crawford, Tenstreet co-founder and chief executive officer. “We are excited to work with them, along with our current investor, Spectrum, to promote the expansion of our platform and further enhance our solutions for customers.”