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STORD acquires COVE Logistics as the business reopens after the pandemic

STORD acquires COVE Logistics as the business reopens

Springfield, June 15, 2020: The leading 3PL solution provider COVE Logistics is now taken over by the trailblazer Digital warehouse solution provider STORD.

With Series, A funding in 2019 STORD has grown tremendously by providing digital warehousing and distribution solutions across the industry vertical. Initially, the company used to serve the automotive industry now with advancement in the warehouse technology and distribution channel the company has stepped forward catering to all the industry vertical.

The acquisition is the commitment which the company has made to improve the distribution network with partnering with 15,000+ carriers and it’s USP of 99% on-time delivery and 100% acceptance of the customer’s request offers world-class solutions.

Sean Henry, CEO, and co-founder of Stord said of the acquisition, “When we met the team, we knew it was a unique match that we had to move quickly on. Not only did we find great alignment between our customer base and added capabilities we could bring to our network, but we found a very aligned and customer-obsessed culture with robust supply chain expertise to add to our team.”

The deal of acquisition was sum under $10 million and all the 15 employees of COVE will join STORD as a new office in Springfield. Out of the $15 million funding the company raised in the series funding. It now has 4 offices of over 84 employees.

Initially, when STORD was founded in 2015 it never had its warehouse it used to use the free spaces across the city to manage and this has helped them gain many customers. The co-founder was still pursuing a bachelor’s degree at Georgia University and upon the funding, he was dropped out and completely focused on building the company, and today they are the leading solution provider in the Logistics Industry.

As the company had to build its supply chain network which would cost them more and that is the reason why they thought of acquiring a well set 3PL solution provider “COVE Logistics”.

 

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