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Another Look: An Update on Banyan Technology

Wednesday, June 04, 2008

Provided by The Plain Dealer
Written by Shaheen Samavati

In December, Bright Ideas featured Banyan Technology, an Elyria company that offers software to help client companies find the best prices on shipping.

The Web-based aggregation system, which is customized for each client, makes it easy to compare prices. Clients can track shipments and transfer shipping information to other information management systems. They also can use the system to generate standard paperwork, such as bills of lading and shipping labels.

Six months ago: Banyan, founded by Jim Walborn of Bay Village and Lance Healy of Lakewood, was working to enhance its product and build its customer base. Since its founding in 2003, Banyan had raised $1 million in capital investment, including $650,000 from JumpStart Inc., the Cleveland venture developer.

The company moved out of the GLIDE incubator in 2006 and into a new office building around the corner, dubbed the Entrepreneurship Innovation Center, in Elyria.

What's happened since: The company has seen increased demand, in part because of rising fuel and freight costs, Healy said. Over the past six month, the company has posted record growth in new customer additions.

"We were initially targeting mid-market companies," he said, but now the company is seeing interest from very large firms, as well.

Last month, Banyan released the 4.0 version of its software. It offers new features including being able to track additional types of shipments, such as air cargo. The original use was for truck shipments. The company still employs 10, but is looking to hire more software developers, Healy said.