TPG Capital has entered into a definitive agreement to acquire a majority interest in Transporeon from The Riverside Company and other shareholders.

Transporeon is a European cloud-based business network for industrial logistics. TPG Capital is a North-American- and European-focused private equity firm. The transaction is expected to close in the third quarter.

Transporeon offers various connectivity-focused applications for the different stages of freight execution, providing shippers and carriers with costs savings, productivity gains, and service-level improvements by enabling them to communicate, collaborate, and transact efficiently. Transporeon connects more than 1,000 shippers with more than 57,000 carriers across the world.

“Since inception, our goal as a company has been to enable seamless transactions for our customers through a highly-quality, connected, and innovative network,” said Peter Förster, co-founder of Transporeon.

“The supply chain space, a market that has traditionally suffered from major inefficiencies, is starting to embrace digitization as companies move away from manual processes to automated solutions,” said Malte Janzarik of TPG Capital. “Transporeon is at the heart of this trend, positioned to tackle these inefficiencies by connecting tens of thousands participants in the supply chain.”

This transaction builds on TPG’s track record of partnering with companies that are embracing software and technology to make business easier and more efficient across a range of industries. TPG has a long history of investing in both platforms and software companies, including Advent Health, Airbnb, Eze Software, IMS Health, Sabre, Uber, and Vertafore. The firm also has partnered with a wide range of companies in Europe, including digital education company TES Global, niche IT recruitment firm Frank Recruitment Group, specialist owner, developer, and manager of European logistics properties P3, and leading Russian retailer Lenta.

TPG has over $70 billion of assets under management and offices in Austin, Beijing, Dallas, Fort Worth, Hong Kong, Houston, Istanbul, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, São Paulo, Singapore, and Tokyo.