Tenstreet, a driver recruiting software and workflow solutions provider for trucking, wrapped up a majority investment from funds advised by Providence Equity Partners, a private equity firm. The investment aims to accelerate growth in Tenstreet’s employee team and product portfolio and will increase its capacity for strategic acquisitions.
Existing investor Spectrum Equity and Tenstreet co-founder and CEO Tim Crawford will maintain significant minority stakes. Financial terms of the transaction were not disclosed.
Founded in 2006, Tenstreet modernized recruiting in the trucking industry through its suite of applications that allow fleets to widen their applicant funnel, increase the speed of hiring, ensure compliance with trucking regulations, and improve the application experience for drivers. Tenstreet maintains a network of more than 5 million drivers and processes 17 million job applications per year for its 3,700 fleet customers. Tenstreet’s platform of solutions auto-populates drivers’ applications, streamlines recruiters’ day-to-day responsibilities, and simplifies the employment verification process. Since 2006, millions of drivers have used Tenstreet’s platform to quickly and securely apply for their next job.
Crawford said: “Providence’s impressive track record of supporting the growth of technology-driven businesses, including in the transportation and HR compliance sectors, makes them the ideal partner for Tenstreet as we plan for our next stage of growth. We are excited to work with them, along with our current investor, Spectrum, to promote the expansion of our platform and further enhance our solutions for customers.”
William Hughes, managing director at Providence, said: “Tim and the entire Tenstreet team have built a unique, market-leading platform that provides critical recruiting and HR solutions to the trucking industry, where attracting and retaining talent is essential to meet surging demand for their services.”
Chris Mitchell, managing director at Spectrum Equity, said: “Tenstreet has built an enviable position in the market, and we see tremendous opportunity for continued innovation.”
Tenstreet is headquartered in Tulsa, Oklahoma.
