Loadsmart appoints former OneSpan CFO

Loadsmart, a leading digital freight technology company, has appointed Mark Hoyt as chief financial officer (CFO). Hoyt will lead Loadsmart’s financial strategy and oversee the company’s accounting, finance, treasury and tax functions, championing financial and operational excellence to drive value creation.

“Mark’s impressive and broad-based background working primarily with technology firms at varying levels of maturity – from startup to multinational – make him an invaluable addition to Loadsmart’s executive bench,” stated Felipe Capella, president, COO and co-founder of Loadsmart. “Joining us on the heels of our $90 million Series C funding round, Mark will play a pivotal role in stewarding our financial strategy, allowing for continued capital-efficient, sustainable growth.”

Hoyt brings to Loadsmart global experience and a track record of successful leadership focused on high-growth SaaS solutions, mergers and acquisitions, platform development and change management. Over more than 25 years, he has held management and executive roles across finance, operations, systems, business intelligence and accounting. Most recently, he served as CFO for digital identity and anti-fraud firm, OneSpan, and previously held roles in the U.S. and internationally at Groupon, CareerBuilder, Motorola and PricewaterhouseCoopers.

“Following an extensive six-month search, Mark clearly stood out among the candidates we considered,” noted Ricardo Salgado, co-founder and CEO of Loadsmart. “His credentials, breadth and depth of experience, and a shared enthusiasm for our vision make him a welcome addition to the Loadsmart executive team.”

In Q4 2020, Loadsmart reported 208% year-on-year revenue growth, while improving service quality, increasing gross margins and maintaining operational expenses at prior year levels. The substantial revenue increase – 85% of which is recurring automated revenue with no human intervention – was driven by continued product innovation, strategic partnerships, and a record number of direct integrations with large shippers.

“Loadsmart is positioned to make a lasting impact, automating how freight is priced, booked and shipped, leveraging artificial intelligence, machine learning and strategic partnerships,” stated Hoyt. “I’m thrilled to join the company and enthusiastic about providing financial leadership to drive and support the company’s commitment to the future of freight. By doubling down on the technology, delivering outstanding operational performance, as well as expanding an unparalleled suite of value-added services, including mode optimisation and data insights, Loadsmart is poised for continued accelerated growth.”

Hoyt is a certified public accountant and holds a Bachelor of Science in accountancy from Miami University and an MBA from the University of Chicago Booth School of Business. He will join Loadsmart in the coming weeks and be based at the company’s headquarters in Chicago.