Benzinga | Jan 19, 2022 10:35AM EST

ArcBest Invests $25M In Phantom Auto

* ArcBest Corp (NASDAQ:ARCB) has invested $25 million in Phantom Auto, a provider of remote operation software for logistics vehicles.

* ArcBest noted this investment is key to the future of work in the logistics space.

* As part of the company's agreement, Michael Newcity, ArcBest Chief Innovation Officer and President of ArcBest Technologies, will join the Phantom Auto Board of Directors.

* "As ArcBest continues on its rapid growth trajectory, we are focused on optimizing our performance through technological innovation," said Judy McReynolds, chairman, president, and CEO of ArcBest.

* Phantom Auto disclosed a strategic investment of $42 million led by ArcBest, and NFI. The funding also includes investment from Bessemer Venture Partners, Maniv Mobility, OurCrowd, Perot Jain, Max Blankfeld, and other previous investors.

* Price Action: ARCB shares traded lower by 2.18% at $90.27 on the last check Wednesday.