Tive Celebrates 60% Year-over-Year Revenue Growth

Supply Chain & Logistics Visibility Leader Expects Significant Market Expansion with the Introduction of the Solo Lite—a Real-Time Tracker for Cost-Aware Logistics and Cold Chain Professionals

/EIN News/ -- BOSTON, July 30, 2024 (GLOBE NEWSWIRE) -- Tive, the global leader in supply chain and logistics visibility technology, today announced 60% year-over-year revenue growth as well as other key milestones—including the launch of the Solo Lite IoT tracker. In addition, as a testament to its sustainability push via the Tive Green Program, the company announced a 90% year-over-year increase in trackers being returned for recycling and reuse.

“Real-time visibility is no longer just a value-added service—it's become a fundamental customer expectation,” said Krenar Komoni, Tive CEO and Founder. “Research shows that adoption of real-time IoT trackers and devices has more than doubled over the past year—from 25% in 2023 to 53% in 2024—and Tive continues to experience tremendous growth as a result of customer demand to unlock ground truth operational data and drive best-in-class supply chains.”

Tive achieved the following key milestones in the first half of 2024:

• Reported 60% year-over-year revenue growth leading to an impressive acceleration of the business—despite the ongoing global freight recession
• Added more than 130 new customers in the first half of 2024, achieved 84% growth in existing customer bookings from Q1 to Q2, and grew tracker shipments by 64%
• Observed 72% year-over-year growth in customers using the Tive cloud platform to make intelligent, data-driven operational decisions
• Launched the Solo Lite, the industry's best-in-class shipment tracking solution tailored for the needs of cost-aware logistics and cold chain professionals—with global coverage via WiFi and cellular, and across all modes of transportation
• As part of Tive’s commitment to sustainability via the Green Program, tens of thousands of trackers were returned for recycling and reuse in the first half of 2024—a 90% year-over-year increase
• Achieved a customer Net Promoter Score (NPS) of 48 and Customer Satisfaction Score (CSAT) resolution of 96%, with less than 1% revenue churn in Q2 2024—highlighting Tive’s deep commitment to its global customers
• Tive trackers traveled nearly 21 million miles in June 2024—an average of 272 miles per day
• Since its founding in 2015, Tive has sold more than 1.6 million trackers, and these trackers have traveled more than 12.5 billion miles across the globe—generating 4.5 billion alerts that helped customers save their shipments from delays, damage, spoilage, and theft

Industry recognition has again been a big story for Tive thus far in 2024. In the first six months of the year, the company has received five awards from the following industry insiders:

• Food Logistics: “2024 Rock Star of the Supply Chain” (Krenar Komoni, Tive CEO & Founder)
• Supply & Demand Chain Executive: “Top Supply Chain Projects 2024” with Tive customer Mary Kay Global
• Inbound Logistics: “2024 Top 100 Logistics IT Providers”
• Supply & Demand Chain Executive: “2024 Pros to Know” (Krenar Komoni, Tive CEO & Founder)
• SupplyTech Breakthrough: “Supply Chain IoT Solution Provider of the Year”
  

“We are committed to helping our customers overcome today’s challenges by providing a new level of supply chain transparency, resilience, and sustainability,” continues Komoni. “By providing real-time multimodal insights into the location and condition of all shipments, Tive empowers businesses with the data they need to achieve true operating leverage, reduce waste, minimize cargo theft, avoid temperature excursions, and empower them to ultimately delight their end customers.”

About Tive
Tive is the global leader in supply chain and logistics visibility technology. More than 800 global shippers, logistics service providers, and retailers use Tive to monitor shipment location and condition in real time, gain actionable insights, and ensure end-customer satisfaction. Tive's cloud platform, patented sensor technology, and 24/7 Live Monitoring services reduce excursions and delays, minimize rejected loads, and decrease theft, damage, and spoilage. Tive's Green Program reduces electronic waste by renewing and recirculating trackers and extending their life. Customers count on Tive to ensure that shipments are delivered on time and in full—because every shipment matters. For more information, visit https://www.tive.com/.

Press Contact:
Lane Kearney
Corporate Ink for Tive
tive@corporateink.com