BAM, a leader in providing cash management and working capital solutions to the transportation industry, announced today that is has completed a $10 million investment led by Millstone Capital Partners. The investment will allow BAM to aggressively expand sales, innovation, and product development.
Since launching its first customer in 2014, BAM's solutions have helped transportation companies gain easy access to capital and technology to book loads more quickly, reduce days-to-pay, improve credit scores, and build stronger carrier relationships while increasing cash flow.
The new funding builds on an exceptional year for BAM which has seen its revenue increase by 300%. The company was ranked a top 25 fastest growing company in Atlanta by the Atlanta Business Chronicle as part of the 2017 Pacesetter Awards.
Building on this momentum, BAM will use the funding to fuel customer expansion, develop additional technology, and invest in its team.
"BAM has built its business on providing a scalable, cloud-based platform which allows our customers to access both our technology and our capital so they can grow faster," said Todd Ehrlich, BAM's chief executive officer.
BAM provides technology, payments processing, and working capital loans to the U.S. trucking industry. The company's specialty finance software and operations platform, BAMwire™, is revolutionizing the traditional funds transfer and advance processes used by freight carriers and brokers.
"The transportation industry landscape will look dramatically different five years from today, with new technology changing the way companies handle their finances," said Ramesh Mantha, partner at Millstone Capital Partners. "We believe BAM is at the forefront of this innovation."