Indianapolis-based transportation management company FitzMark Inc. cites its revenue growth as the determining factor in buying third party logistics company Reliable Source Logistics, also of Indianapolis. FitzMark saw a 40 percent revenue increase in 2018, which led to the company expanding its service capabilities and workforce.
“In a short amount of time, Reliable Source has proven itself a key player in the industry by consistently providing high-quality service through 24/7 availability and a strong network of reliable carriers. By joining FitzMark, Reliable Source will accelerate its growth trajectory on a larger and more robust platform with increased focus on technology integration,” said Fitzmark president and owner Scott Fitzgerald.
Reliable Source Logistics founder Seth Litt says the company reached nearly $50 million in 2018 revenue, and is confident in this acquisition.
“The integration of the two companies will certainly position FitzMark to be a top freight brokerage firm on a national scale.”
Reliable Source employees have relocated to the FitzMark headquarters on the east side of downtown Indianapolis. FitzMark says it plans to hire up to 50 employees this year, mostly for sales and operations positions.
Financial terms of the deal were not disclosed.