BOSTON, MA – July 23, 2024 – Astira Capital Partners, a private equity firm focused on investing in leading technology and data-driven services companies, today announced the acquisition of ConData Global, a leading provider of freight post-audit and other transportation spend management and analytics solutions.
ConData is the market leader in the highly complex freight post-audit industry, offering the most comprehensive range of capabilities covering all modes and regions. Known for its exceptional client recoveries, ConData leverages a unique and differentiated combination of proprietary technology and the most experienced audit talent in the industry. ConData’s modal experts, with 15 years of experience on average, provide deep insights into complex transportation spend for the world’s most sophisticated shippers. ConData currently analyzes ~$40billion in freight spend annually.
Astira was attracted to ConData for its market leadership and for the significant domain expertise required to serve their customers effectively. “ConData has transformed the freight post-audit industry” said Chris Ritchie, Partner at Astira. “Unlike competitors who rely on spreadsheets and manual processes, ConData has developed proprietary technology to ingest and transform large volumes of data across a wide range of formats, and they leverage machine learning technology and proprietary algorithms to automate the process of identifying complex billing errors. Their hybrid model, combining technology and expert audit staff with decades of experience, is highly differentiated and delivers best-in-class client outcomes.”
Astira’s investment in ConData will support ongoing investment in technology and human capital, enabling ConData to deliver deeper data-driven insights to its clients and more effectively manage complex workflows. "We are thrilled to partner with the exceptional management team at ConData and support the company's mission of excellence in the freight post-audit sector," said Azra Kanji, Founder and Managing Partner of Astira. "Our extensive experience in transaction processing businesses and our strong history in the freight brokerage industry drew us to ConData. The company's innovative capabilities and steadfast commitment to excellence perfectly align with Astira's investment philosophy."
Linda Barros, Chief Executive Officer of ConData, stated, “We look forward to our new partnership with Astira. The team at Astira has significant experience partnering with businesses like ConData, and they demonstrated an appreciation for the opportunities and challenges ahead for the Company as we continue to scale. Astira’s focus on value-added operational and strategic support will accelerate our growth plans for the Company. There is tremendous runway for ConData, and we look forward to collaborating closely with Astira to drive innovation and deliver new insights and offerings for our customers.”
The acquisition process was supported by Harris Williams, who served as the sole financial advisor to ConData, and Baker Hostetler, who acted as legal advisor to ConData. Wofford Advisors served as strategic advisor to Astira, while Kirkland & Ellis provided legal counsel to Astira.
About Astira Capital Partners
Astira Capital Partners is a Boston-based private equity firm founded in 2023 by Azra Kanji and investing out of a $675 million Fund 1. Astira partners with like-minded founders and management teams to scale leading middle-market technology and data-driven services business. Astira’s collaborative approach to partnership supports value creation through investments in human capital and technology, and by implementing best-in-class operational practices across the organization with particular focus on sales & marketing and data science. The firm prioritizes investments in businesses with demonstrated leadership in well-defined market verticals or niches.
Media Contact
Michelle Brown
Astira Capital Partners
617-238-6014
michelle.brown@astiracp.com