Jarrett Streebin, CEO and founder of EasyPost, joins Cheddar News to discuss the company as it gears up for its IPO later this year.

Between Bells

Shipping Company EasyPost Now Valued at $1.5 Billion

back if it went between bells on cheddar news and baker machado shipping company. Easy posts making some moves. The company has closed a new strategic investment round there now valued at 1.5 billion and they also plan to buy up to five more companies before their I. P. O. This year, the 4.9 trillion e commerce market represents 14% of the global retail sales that according to e marketer so to rise to 6.3 trillion a trillion of all retail sales by 2024. So for more on what to expect from the company. We're joined now by the Ceo and founder of Easy Post Jared striven Jared. Great to have you here. Thanks so much for joining us. So for our viewers who might not know what exactly do you guys over at Easy Post due for your customers. Hi, great to meet you were logistics platform for e commerce companies. And so we have a suite of a P. I. S. That helped them track trace verify all their shipments across there across whatever they're shipping through their e commerce store. Okay, easy post maintain a 99.9% up time last year in terms of peak season. So talk about how you compare to your other competitors out there. Think the post office ups all of those guys. Well we don't we don't compete directly with the carriers. We help them, we partner with them but in terms of our competition we're about an order of magnitude better. Um in terms of up time, our biggest competitor company called stamps dot com had I think an outage every week through peak season last year. So night and day difference. Okay you guys also have access to live data from the postal service as well. So how is your relationship with the postal service may be impacted your business here? I mean I wouldn't say it's impacted it any more than you know, we can tend to be a great partner of the postal service And um you know obviously customers are seeking as much data as they can about their shipping volume and we help process that and feed it back to them. Okay you guys, you guys customers include Jet dot com and walmart as well. In cases of shipping delays here. How does easy post improve the customer experience and the business here Jared. Yeah. Well with our data we can better predict delays. So most of most of the other carriers directly or um competition in our space aren't actually providing much assistance beyond just a shipping rate. And so we have a thing called smart rate which goes back and runs data on all the shipments and and the timing of them. So we can better predict delays. Okay so you guys are looking for an I. P. O. Later on tell us about the goals and the plants here with this when you're actually looking to maybe go public here. We think I mean depending on obviously markets have gone crazy recently but we think sometime this year is a good time for us. Um, can you continue to consolidate our advantage? Um, I mentioned some acquisitions in play. We've got one that's closing shortly and we have another few that are, are coming up and so I just think it's the right next step for the company. Um, it'll certainly help with customers as a sense of reliability and we're excited about it. Okay, so let's talk about also you guys giving live data to your too easy Post software gives e commerce shippers access to live data. How important is that when it comes to the shipping process here? Well, it's very important. I mean I think the number one request from support is where's my package? Right. And so having that information handy for all of our, all of our companies or customers is very valuable. All right. The Ceo and founder of Easy Post Jared stripping joining us here on cheddar news. Thanks so much for joining us.