ShipSigma to Deploy $2M Investment to Grow Global Reach
June 7, 2022 •ShipSigma
Company plans to keep growing in downtown Indy; add 125 workers
INDIANAPOLIS — (June 7, 2022) — ShipSigma, an Indianapolis-based Software-as-a-Service (SaaS) analytics, contract analysis, and negotiation solution that helps customers ensure they are always receiving the lowest parcel shipping costs, announced today that it is investing $2 million to grow its global reach in the logistics sector.
The company recently leased 6,000-square-feet of space at 235 S. Meridian St. and plans to add up to 125 employees by the end of 2026, offering an average wage of nearly $42 an hour.
"We're committed to investing not just in real estate in the heart of the city but in human resources,” said ShipSigma Co-Founder and CEO Chase Flashman. “IUPUI's School of Informatics is a key partner, and we’re really impressed with the students from that program who are already working with us."
“The logistics sector is one of Indiana’s top economic drivers, and ShipSigma offers an indispensable service,” said Ann Lathrop, executive vice president of global investments for the Indiana Economic Development Corporation (IEDC). “We expect to see additional growth as supply chain challenges are overcome and the world gets back on track with help from great Hoosier companies like ShipSigma.”
Mayor Joe Hogsett said ShipSigma’s decision to grow in downtown Indianapolis is welcome and an indicator of Indianapolis’s vibrant local economy.
“We are excited that ShipSigma has chosen to invest in Indianapolis and expand their operations,” Mayor Hogsett said. “Indiana is the crossroads of America, which powers our region’s strong logistics sector. ShipSigma offers an incredibly valuable service to companies around the world, and their choice to headquarter here demonstrates our strong business environment and neighborhood quality of life.”
Since its launch in 2018, ShipSigma has grown 850% in employee count, 489% in revenue and 843% in customer base, which includes e-commerce, small and midsize businesses, and Fortune 1,000 companies.
Huse Culinary, parent corporation of St. Elmo’s Steak House, uses ShipSigma’s proprietary technology to lower their shipping costs beyond what they could ever do by themselves.
“We ship tens of thousands of bottles of our fiery St. Elmo Cocktail Sauce all over the US and ShipSigma has greatly reduced our shipping costs and cut our carrier errors by over half,” said Bryn Jones, vice president of Marketing and Retail at Huse. “Partnering with them is a no-brainer regardless of where their offices are located; however, seeing them aggressively invest in the growth and revitalization of downtown Indy makes us even more excited and proud to partner with them.”
Flashman credited local and state business climate as well as support from TechPoint, the state’s nonprofit growth accelerator, for creating a support system for his planned growth. Another factor is a 2021 investment received last year from Emigrant Capital Corp., the private equity division of Emigrant Bank, the largest privately held bank in North America, which Flashman described as “significant.”
ShipSigma’s proprietary SaaS solution helps customers ensure they are always receiving the lowest parcel shipping costs without having to change carriers or service levels. Its artificial intelligence-powered, end-to-end supply chain technology provides shipping insights & analytics, carrier contract negotiation, benchmarking analysis and parcel invoice audit solutions.
Based on the company's job creation plans, the IEDC committed an investment in Parcel Optimization Technologies, LLC dba ShipSigma up to $2.3M in the form of incentive-based tax credits and $75,000 in conditional training grants. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired and trained. The city of Indianapolis supports the project in partnership with Develop Indy, the economic development organization for the city of Indianapolis and Marion County.
ShipSigma, an industry leader in the development and application of end-to-end technology that helps shippers spending $100K - $100M annually achieve lower costs with UPS and FedEx. Named a Top Logistics Analytics Solutions Provider in 2020 by Logistics Tech Outlook, ShipSigma leverages proprietary technology to ensure its 250+ customers pay the lowest possible parcel shipping rates, saving them an average of more than 25% annually. The company manages $1B+ in parcel spend and has saved its customers more than $92M. For more information about the 2022 TechPoint Mira Scale-Up of the Year nominated company, visit www.shipsigma.com.
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