DALLAS, Nov. 18, 2019/PRNewswire –MODE Transportation (“MODE” or the “Company”) and SunteckTTS Inc. (“SunteckTTS”), two leading multimodal third-party transportation and logistics providers, announced today that they have entered into a definitive merger agreement. Under the terms of the transaction, MODE will acquire SunteckTTS, with both businesses operating under the MODE brand name going forward. The Company will facilitate more than 1.5 million annual customer shipments and generate over $2 billion of revenue.
The new Company will offer a broad range of capabilities across all major modes of transportation including truckload, less-than-truckload, rail intermodal, drayage, air, ocean and parcel freight. The Company will leverage its increased scale and resources to continue investing in technology and innovation for the benefit of its agent, shipper, and carrier communities.
Following completion of the merger, Jim Damman, President & CEO of MODE, will serve as CEO of the Company and Ken Forster, CEO of SunteckTTS, will serve as President & COO. The expanded leadership team will include senior executives from both MODE and SunteckTTS.
“In today’s increasingly competitive logistics market, the importance of scale, service diversity, and technology cannot be overstated. The combination of MODE and SunteckTTS provides new and existing agents,