CxNetworks today announced that it has acquired a majority interest in CoSite Inc. a Boca Raton, FL-based developer of Internet-based logistics products. CoSite's main product, ActiveTrac, was developed in conjunction with third-party logistics provider Ryder Systems Inc., and has been incorporated into Ryder's enterprise solutions.
"Understanding that today's customers are not just buying a product, but a product imbedded in reliability, timeliness and service, is key to increasing customer confidence and satisfaction," said Juan Pablo San Agustin, CEO of CxNetworks. "Our investment in CoSite is key to our establishing an important position in the logistics industry in Latin America and the U.S."
ActiveTrac is an "inventory-in-motion" management system that is designed to reduce costs and increase on-time deliveries of inventory items. ActiveTrac is marketed to companies in various industries.
"After successfully using ActiveTrac in multiple locations, we realized that ActiveTrac provides Internet enabled supply chain visibility for product movement that is a critical requirement for our globally competitive customers," said Steve Hitchings, Ryder's group director of technology management.
CoSite said that ActiveTrac clients have achieved substantial cost savings and efficiencies, including up to a 30% decrease in lost materials and a 20% increase in on-time deliveries, as well as improved management of employee accountability and increased accuracy in data collection.
"By combining our logistics expertise and technological skills with CxNetworks' resources and network, we will have the capacity to grow dramatically," said Nancy Troutman, COO of CoSite. "CoSite will be able to help many more companies develop their own logistics capabilities."