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Hornblower Group to Be Acquired and Receive Significant New Equity Investment

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3 years ago

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Strategic Value Partners to Become Majority Owner of Company, with Crestview Partners Retaining Significant Ownership

Agreement with Investors Provides for $121 Million in New-Money Financing to Support Ongoing Operations and Total Debt Reduction of Approximately $720 Million

Company’s Global Land- and Water-Based Experiences and Transportation Services Are Continuing as Usual and Performing Well with Strong and Growing Demand

American Queen Voyages, Hornblower’s Overnight Cruise Business, Will Be Sold or Wound Down, as that Division Has Not Recovered from the Pandemic

Crestview Partners Will Become Sole Owner of Journey Beyond, the Leading Experiential Travel Group in Australia

NEW YORK, Feb. 21, 2024 /PRNewswire/ — Hornblower Group (“Hornblower” or the “Company”) today announced that it has entered into an agreement with its investors that will strengthen the Company’s financial foundation and position Hornblower for a successful future. Under the terms of the agreement, funds managed by Strategic Value Partners, LLC and its affiliates (together, “SVP”), a global alternative investment firm, will acquire majority ownership of Hornblower and provide a significant equity investment in the business. Crestview Partners (“Crestview”) will retain a significant minority position in Hornblower and become the sole owner of Journey Beyond, a stand-alone operating unit of Hornblower and the leading experiential travel provider in Australia. The agreement also provides for Hornblower to receive $121 million in new-money financing from SVP-managed funds and Crestview, and the Company’s total debt will be reduced by approximately $720 million.

In connection with the agreement, Hornblower’s overnight cruising business American Queen Voyages (“AQV”) will be sold or, if a sale cannot be achieved, its operations will be wound down. Hornblower is taking this action because of the underperformance of AQV, which has not rebounded from the pandemic.

These collective actions will enable Hornblower to move ahead with a more focused portfolio, stronger balance sheet and additional financial flexibility, well-positioned to continue driving growth in its core land- and water-based experiences businesses. These core businesses are delivering excellent results and serving thousands of guests every day.

“Building on our commitment to deliver amazing experiences for our guests, Hornblower has grown to become a global leader in world-class experiences and transportation,” said Kevin Rabbitt, Chief Executive Officer, Hornblower Group. “We have strong relationships with our government agency and business partners, and our core businesses are performing well with robust and growing demand.”

Mr. Rabbitt added, “The steps we are taking today will enable us to address AQV and strengthen our financial foundation as we continue serving our guests and commuters around the world. With the support of our financial stakeholders, we will continue to advance our business initiatives and drive growth. We thank the entire Hornblower team for their hard work and dedication, as well as our vendors and partners across our businesses for their continued support.”

David Geenberg, Co-Head of the North American Investment Team at SVP, said, “Hornblower is an outstanding company and a market leader in water-based transportation, tours and experiences, with complementary businesses and long-term contracts in attractive markets. With substantial growth potential in travel and tourism, we see significant opportunities ahead for Hornblower to further expand its leadership position. We look forward to working closely with the leadership team to help support the Company’s strong operating staff, excellent service and exceptional guest experiences as we usher in Hornblower’s next era of success.”

Brian Cassidy, President of Crestview, added, “This transaction is an important step in ensuring Hornblower’s future success, and we are enthusiastic about partnering with SVP on the Company’s next growth chapter post-COVID. We are also excited about being the sole owner of Journey Beyond, which has incredible growth opportunities ahead.”

Information for Guests, Commuters and Customers

Outside of AQV, Hornblower’s current services will not be impacted in any way by the transaction:

All services are operating as usual and running on their normal schedules.Booked trips, excursions, private events and charters, dining and sightseeing cruises, tours and activities and other experiences are continuing as planned.Guests and commuters can purchase tickets, make reservations, book groups and private events, participate in excursions and utilize transportation services as usual.

Hornblower is continuing to serve its B2B partners and customers as usual:

The Anchor™ all-in-one ticketing & operating system is supporting partners and customers in their seamless digital journey as normal. Anchor Operating System, LLC is a subsidiary of Hornblower Group and an independent entity.

Journey Beyond is operating normally and continuing to serve guests as usual.

Implementing the Agreement

To efficiently implement the agreement and ensure an orderly sale or wind-down of AQV, Hornblower and certain of its affiliates have initiated a voluntary court-supervised and pre-arranged process under Chapter 11 of the U.S. Bankruptcy Code. Due to the overwhelming support of its investors, Hornblower expects to move through this process on an accelerated basis and emerge from Chapter 11 in approximately four months.

In connection with this process, Hornblower has received a commitment for $300 million in debtor-in-possession (“DIP”) financing from Deutsche Bank Private Credit & Infrastructure to refinance the Company’s existing superpriority term loan, in addition to the $121 million in new-money financing from SVP-managed funds and Crestview. Following court approval, this new financing, combined with cash generated from ongoing operations, is expected to support the business during the court-supervised process.

Separately, the Company is commencing ancillary proceedings in Canada under the Companies’ Creditors Arrangement Act (CCAA) seeking recognition of the U.S. Chapter 11 proceedings in Canada.

Journey Beyond is not included in the court-supervised process.

Additional Information

Additional information is available at www.HornblowerRestructuring.com. Court filings and other information related to the proceedings are available on a separate website administrated by the Company’s claims agent, Omni Agent Solutions, at https://omniagentsolutions.com/Hornblower; by calling Omni representatives toll-free at (888) 504-8055, or (747) 263-0163 for calls originating outside of the U.S. or Canada; or by emailing HornblowerInquiries@OmniAgnt.com.

Hornblower has ensured that appropriate information and resources are available for AQV customers. For information about AQV refunds, please visit www.AQVrefunds.com. Additional information, including FAQs, is available at www.AQVinfo.com, or by calling toll-free (888) 202-5784, or (747) 288-6437 for calls originating outside of the U.S. or Canada.

For EPK media assets, including photos and b-roll, click here.

Advisors

Guggenheim Securities, LLC is serving as investment banker to Hornblower, Alvarez & Marsal North America, LLC is serving as financial advisor, Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel and Porter Hedges LLP is serving as co-counsel.

Perella Weinberg Partners LP is serving as investment banker to SVP and other Hornblower lenders, FTI Consulting, Inc. is serving as financial advisor and Milbank LLP is serving as legal advisor.

PJT Partners is serving as financial advisor to Crestview, Davis Polk & Wardwell LLP is serving as legal counsel and Vinson & Elkins LLP is serving as co-counsel.

About Hornblower Group

Hornblower Group is a global leader in experiences and transportation. Hornblower Group’s corporate businesses are comprised of two premier experience divisions: City Experiences, its land- and water-based experiences as well as ferry and transportation services; and Journey Beyond, Australia’s leading experiential travel group. Spanning a 100-year history, Hornblower Group’s portfolio of international offerings includes water-based experiences (dining and sightseeing cruises), land-based experiences (walking tours, food tours and excursions), overnight experiences (cruises and railways) and ferry and transportation services. Hornblower Marine, a subsidiary of Hornblower Group, provides vessel outhaul and maintenance services at Bridgeport Boatworks in Bridgeport, Connecticut. Additionally, Anchor Operating System, LLC, a subsidiary of Hornblower Group and independent entity, provides reservation, ticketing and website integration services for clients in the transportation, tourism and entertainment industries. Today, Hornblower Group’s global portfolio covers 114 countries and territories, 125 U.S. cities and serves more than 30 million guests annually. Headquartered in San Francisco, California, Hornblower Group’s additional corporate offices reside in Adelaide, Australia; Boston, Massachusetts; Chicago, Illinois; London, United Kingdom; New York, New York; Dublin, Ireland; and across Ontario, Canada.  For more information, visit hornblowercorp.com.

About SVP

SVP is a global alternative investment firm that focuses on special situations, private equity, opportunistic credit, and financing opportunities. The firm uses a combination of sourcing, financial and operational expertise to help its portfolio companies unlock value and accelerate their businesses. SVP has significant influence or control with respect to more than 15 businesses around the world, which have approximately 100,000 employees and over $12 billion in revenues. The firm invests in a broad range of sectors including significant experience in travel and transportation, with influence or control of leading global businesses including major toll roads, an aircraft manager and lessor, and an airport services company. Today, SVP manages over $18 billion in assets under management, and since inception, has invested more than $47 billion of capital. The firm has approximately 200 employees, including more than 90 investment professionals, across its main offices in Greenwich (CT) and London, and additional offices in New York and Tokyo. Learn more at www.SVPGlobal.com.

About Crestview

Founded in 2004, Crestview is a private equity firm focused on the middle market. The firm is based in New York and manages funds with approximately $10 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: media, industrials and financial services. For more information, please visit www.crestview.com.

About DB PCI

Deutsche Bank Private Credit & Infrastructure business is Deutsche Bank’s US-based balance sheet lending platform. DB PCI provides financing to bank clients including corporates, projects and alternative investment managers using bank capital. DB PCI has a wide mandate to underwrite loan facilities including bridge, term and construction loans, as well as letters of credit, with a focus on middle market direct lending, digital and conventional infrastructure, operational real estate, venture debt and fund finance. In the last 8 years PCI has underwritten transactions in excess of $30bn and currently maintains over $18Bn in balances outstanding.

Forward-Looking Statements

This press release contains various forward-looking statements within the meaning of US federal securities laws, that reflect management’s current expectations or beliefs regarding future events and results of operations, including Hornblower’s Chapter 11 proceedings, statements concerning the ultimate impact of the proposed restructuring on the Company and its business, and ongoing business prospects. They include statements that include words such as “expect,” “intend,” “believe” “anticipate” and similar words or expressions. Forward-looking statements in this press release include, but are not limited to, statements regarding Hornblower’s ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 proceedings; Hornblower’s intention to continue operations during the Chapter 11 proceedings and its ability to fund its post-petition operations; statements about Hornblower’s plans to sell assets of AQV pursuant to Chapter 11 of the Bankruptcy Code and the extent and timing of any such sales and wind-down; Hornblower’s ability to fulfil its obligations under the statute contract; and other statements regarding Hornblower’s strategy and future operations, performance and prospects, among others. These statements are based on numerous assumptions and are subject to known and unknown risks and uncertainties. Actual future results may vary materially from those expressed or implied in these forward-looking statements, and our business, financial condition and results of operations could be materially and adversely affected by numerous factors. As a result, forward-looking statements should be understood to be only predictions and statements of our current beliefs and are not guarantees of performance. Hornblower undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

Hornblower

Melissa Gunderson
Senior Vice President, Global Communications and Brand
Hornblower Group
PR@hornblower.com 

OR

Michael Freitag / Aaron Palash / Aura Reinhard
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

SVP

Liz Bruce
Managing Director, Head of Communications and Brand
media@svpglobal.com

Crestview

Jeffrey Taufield / Daniel Yunger
Kekst CNC
212-521-4800
jeffrey.taufield@kekstcnc.com / daniel.yunger@kekstcnc.com

View original content:https://www.prnewswire.com/news-releases/hornblower-group-to-be-acquired-and-receive-significant-new-equity-investment-302067034.html

SOURCE Hornblower Group

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Ashling’s Morgan Conque Named SMB Leader of the Year Finalist at the 2026 U.S. Forces in Business Awards

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November 6, 2026

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The world’s largest celebration of veteran talent lands in Dallas, Texas, on December 10 to spotlight outstanding former service members driving American business forward.

CHICAGO, Nov. 6, 2026 /PRNewswire/ — Morgan Conque, Vice President of Go-to-Market at Ashling, a leading global provider of AI and Automation consulting and development services, has been named a finalist for SMB Leader of the Year at the 2026 U.S. Forces in Business Awards. Now in its ninth year, the program is the world’s largest celebration of military veterans in the civilian workforce, with this year’s shortlist selected from hundreds of nominations.

A U.S. Army officer commissioned through ROTC, Morgan served with NATO forces in Germany, ran personnel operations in South Korea, and advised an Afghan army hospital, where she helped cut the medical evacuation cycle from 17 hours to 3. She concluded her service as the Medical Operations and Logistics Officer for the First Cavalry Division, supporting more than 18,000 soldiers.

Morgan’s military experience translated into business leadership from the start. Following her service, she led branch operations for a large specialty infusion pharmacy team, then moved into intelligent automation and rapidly expanded her scope from bid manager to leading sales platforms, enablement, content, and strategy. Her education supports that trajectory, including a Bachelor of Science in Biology from Seattle University, a Master of Science in Biosecurity and Disaster Preparedness from Saint Louis University, and an Executive MBA from Baylor University’s Hankamer School of Business.

Today, Morgan leads go-to-market strategy at Ashling, aligning sales, marketing, and partnership teams to drive the fast-paced growth and navigate the ever evolving market landscape. “I look back on my transition into AI and automation as serendipitous,” Conque said. “The discipline I built in the Army, leading teams, making decisions with incomplete information, and staying accountable to the mission, carried directly into this field and suited me well. I remain fascinated by the conversations I’m part of and excited about where the industry is headed.”

More than 200,000 service members leave active duty in the United States each year, yet research by ZipRecruiter and the Call of Duty Endowment found that almost one-third of veterans are underemployed, a rate 15.6% higher than among their non-veteran peers. Morgan’s career is a testament to what that talent can achieve. Established in 2018, the Forces in Business Awards celebrate veteran role models like her, reflecting the breadth of industries and professional disciplines where former service members are making their mark.

Rear Admiral (Ret.) Milton “Jamie” Sands III, President and CEO of Special Operations Warrior Foundation, official charity partner of the U.S. Forces in Business Awards, said: “Congratulations to this year’s finalists, whose achievements demonstrate the value military experience brings to business. Service develops leaders who take responsibility, build strong teams, and deliver under pressure. These finalists are putting those qualities to work in new ways, strengthening their organizations and communities while helping others see what is possible after military service.”

Marshall Sied, Co-Founder and Co-CEO of Ashling, said: “Morgan’s experience as a military veteran has clearly laid a strong foundation for the evolution of her career.  At Ashling, she balances our fast-paced industry and constantly evolving capabilities with enthusiasm and clarity.  Morgan has the unique ability of being a creative thinker, inspiring team leader, and strong operational executor all at once. We are honored to have Morgan help lead the charge on many of our most mission-critical initiatives. She is a very deserving finalist.”

Winners will be announced on December 10, 2026, at a black-tie gala in the Lincoln Ballroom at the Hilton Dallas Lincoln Centre, hosted by longtime CBS News anchor and Gold Star son Doug Dunbar.

About Ashling

Ashling is a global AI and automation consulting and development firm specializing in digital process transformation. They align on what value means for enterprises, design, build and manage solutions that work from pilot to production, and architect an operating model designed for rapid deployment and compounding success.

Ashling’s delivery accelerators get clients to production 5x faster and prove ROI sooner, backed by a delivery team of forward-deployed AI pods and award-winning innovation. Ashling is the firm enterprise clients trust, with over 400 clients across industries, an 86 NPS, and an unwavering commitment to the business outcomes they deliver.

About the Forces in Business Awards

The Forces in Business Awards is the world’s largest business celebration of the military community. Taking place in the United States and United Kingdom, the Awards program is the leading platform for uncovering and showcasing the achievements and talents of veterans, presenting them as visible role models for transitioning service members and recognizing aspirational employers for current and former servicemen and women. The prestigious events promote the value that veterans add to the economy after service.

Media Contact

Madison Ramsay, Senior Marketing Manager, Ashling madison.ramsay@ashlingpartners.com

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SOURCE Ashling Partners

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Diamond Foundry Announces First-Ever D200mm Single-Crystal Diamond

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56 minutes ago

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November 6, 2026

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Breakthrough culminates 25 years of scientific pursuit and establishes a new scale for single-crystal diamond

SAN FRANCISCO, Nov. 6, 2026 /PRNewswire/ — Diamond Foundry Inc. today announced a major milestone in the history of materials technology: the creation of the first-ever D200mm single-crystal diamond, measuring 200 millimeters in diameter.

Diamond Foundry creates the world’s first 200mm single-crystal diamond, bringing diamond to semiconductor wafer scale.

The achievement marks a fundamental step forward in humanity’s ability to manufacture diamond as a technology material at semiconductor-relevant scale.

The announcement accompanies a keynote by Diamond Foundry CEO Martin Roscheisen, delivered by video at CarbonSemi 2026 in Ningbo, China. Watch the keynote: https://youtu.be/ae0XQBDlLMQ.

Diamond has long been recognized as an extraordinary material for technology. It combines the highest thermal conductivity with exceptional mechanical strength, electrical insulation, optical properties, and the potential for extreme electronic performance. Yet its use in advanced technology has been constrained by one basic limitation: size.

Diamond Foundry’s D200mm breakthrough changes that.

Producing single-crystal diamond at D200mm scale required overcoming fundamental challenges in crystal growth, plasma physics, reactor engineering, materials science, process control, and manufacturing. The result is not an assembly of individual diamond pieces and not a polycrystalline diamond wafer. It is a single-crystal diamond at D200mm scale.

“This is one of those milestones that once seemed almost impossible,” said Martin Roscheisen, CEO of Diamond Foundry Inc. “Hundreds of DF engineers, scientists, and technicians contributed to us getting here. It is the accumulated result of countless experiments, failures, inventions, rebuilt machines, and insights over more than a decade.”

Roscheisen particularly recognized Stefan Gsell and Martin Fischer, whose work on scaling single-crystal diamond began 25 years ago.

“Stefan and Martin pursued this goal for 25 years,” Roscheisen said. “There are very few examples in technology of someone sticking to a really hard scientific challenge with that level of perseverance. They kept going when the prevailing view was that single-crystal diamond simply could not be made at this scale. Today, the perseverance shows as the first-ever D200mm single-crystal diamond. And best of all, it makes D300mm predictable as well.”

From Gemstone Dimensions to Semiconductor Dimensions

The semiconductor industry is built around the ability to manufacture extraordinary materials at wafer scale. Silicon’s progression toward larger wafers transformed electronics by allowing increasingly sophisticated devices to be manufactured economically and repeatably.

Diamond has never had an equivalent scaling path.

Natural diamond is constrained by geology. Conventional lab-grown diamond has historically been constrained to relatively small crystal dimensions. Even as the extraordinary properties of diamond became increasingly relevant to high-power electronics, AI computing, optics, quantum systems, and other advanced technologies, crystal size remained a fundamental bottleneck.

The D200mm single-crystal diamond milestone demonstrates a path beyond that limitation.

For Diamond Foundry, the achievement is part of a broader effort to turn single-crystal diamond from a scarce material measured in gemstones into a tech-industrial semiconductor substrate manufactured at scale.

The implications are particularly significant as computing systems encounter increasingly severe thermal constraints. Modern AI processors concentrate enormous amounts of power into microscopic regions of silicon. Diamond’s exceptional thermal conductivity can spread that heat at the material level, creating new possibilities for chip architectures, power densities, reliability, and cooling.

Twenty-Five Years of Perseverance

The D200mm achievement has roots extending well beyond Diamond Foundry itself.

For 25 years, Gsell and Fischer pursued the underlying scientific and engineering challenge of growing high-quality single-crystal diamond of scalable size. Their work ultimately became part of a much larger effort involving hundreds of people across Diamond Foundry.

The milestone reflects advances spanning plasma generation, growth chemistry, reactor architecture, crystal engineering, thermal management, metrology, automation, and manufacturing.

“Technology history is often written around the moment something finally works,” Roscheisen said. “But that moment rests on the people who were willing to spend years — sometimes decades — making it work. This diamond exists because hundreds of people contributed, and because a few people refused to give up on the idea for 25 years.”

A New Scale for Diamond

Diamond Foundry views D200mm not as an endpoint, but as the beginning of a new manufacturing era for diamond.

The company is developing single-crystal diamond for semiconductor and advanced-technology applications where diamond’s combination of thermal, mechanical, electrical, and optical properties can enable performance beyond the limits of conventional materials.

The first D200mm crystal is shown as grown and unpolished — directly from the growth process.

For a material that nature forms only under extraordinary conditions deep inside the Earth, the significance is simple:

Single-crystal diamond has entered the wafer-scale era.

About Diamond Foundry Inc.

Diamond Foundry is the #1 producer of single-crystal diamond in the world. Founded in San Francisco, the company created the world’s first diamond wafer and is scaling volume production of chip substrates with a $2.77B EU Chips Act project in Spain.

Media contact: Jeff Yurek, j@df.com

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SOURCE Diamond Foundry

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Qued Ranks No. 5 on FreightWaves’ 2027 FreightTech 25, Its Third Straight Year on the List

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November 6, 2026

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An independent panel ranked the AI appointment scheduling platform No. 5 of 25 companies selected from the 2027 FreightTech 100. FreightWaves announced the rankings Oct. 26 at the inaugural F3 Awards Dinner in Chattanooga.

BROADLANDS, Va., Nov. 6, 2026 /PRNewswire-PRWeb/ — Qued, a leader in developing sophisticated, automated appointment scheduling solutions for supply chain and logistics companies, today announced that it ranked No. 5 on the 2027 FreightTech 25, the FreightWaves list of 25 companies recognized for innovation across freight technology and transportation. FreightWaves revealed the list on Oct. 26 at the inaugural F3 Awards Dinner in Chattanooga, Tennessee.

Our customers earned this ranking. They book their appointments through Qued from inside the systems they already run, and we will keep building for the people who move freight every day.

This is the third year in a row Qued has made the FreightTech 25. Qued debuted at No. 6 in 2025 and ranked No. 3 in 2026.

The FreightTech 25 is selected from the FreightTech 100, a broader list of 100 companies FreightWaves recognizes for innovation in freight and supply chain technology. An independent panel ranks those 100 companies to set the top 25, and the accounting firm Henderson, Hutcherson & McCullough oversees the voting. FreightWaves recognized all 100 companies at the F3 Awards Dinner, where Sope Creek presented the 2027 FreightTech Awards.

“Appointment scheduling rarely makes headlines, so a third straight year on the FreightTech 25 means a lot to our team,” said Prasad Gollapalli, CEO and founder of Qued. “Our customers earned this ranking. They book their appointments through Qued from inside the systems they already run, and we will keep building for the people who move freight every day.”

Qued’s platform uses machine learning to find the best appointment slots in real time, weighing ETAs, facility capacity, historical performance, and the specific requirements of each location. Qued connects directly to the transportation management system a broker, 3PL, or carrier already runs, and it books through facility portals, email, and AI voice calls to facilities that only book by phone.

The full 2027 FreightTech 25 is published on FreightWaves.com.

About Qued

Qued is a cloud-based, AI-powered smart workflow automation platform transforming load appointment scheduling for brokers, 3PLs, and carriers. By automating the scheduling process, Qued eliminates manual work, simplifies multi-stop load appointments, and ensures seamless coordination across the supply chain, improving both operational efficiency and customer satisfaction. For more information, visit www.qued.com or contact us at contact.us@qued.com.

Media Contact

Adam Robinson, Qued, 1 2148720780, adam@the-robinson-agency.com, https://www.qued.com/

View original content:https://www.prweb.com/releases/qued-ranks-no-5-on-freightwaves-2027-freighttech-25-its-third-straight-year-on-the-list-302931740.html

SOURCE Qued

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