The Top Gathering of CEOs Across All Areas of Supply Chain

For those of you who were not able to attend this year, we wanted to summarize what you missed.

Why Do So Many CEOs Join the BGSA Supply Chain Conference?

BGSA is a source of unique community. For 20 years, the top leaders have gathered to discuss ideas, build relationships, and pursue growth. It is also the place where top people make top moves to achieve success. Over the last 20 years, CEOs have forged more than $20 billion worth of transactions here, ranging from high-profile combinations like Uber-Transplace to WiseTech-Envase to Triumph-Greenscreens to many others. Founders have raised capital, won customers, and achieved growth on the back of winning the BGSA Supply Chain Shark Tank, like Venti, SecurSpace (now WiseTech), AutoScheduler.ai and others. CEOs have hired senior talent here. And much more.

What Did We Learn?

2026 is shaping up to be a crucial year to make top moves. We at BGSA and Cambridge believe we are facing an inflection point. We believe we are about to enter the fourth major wave of change in the modern supply chain world.

• The first wave began in 1956, when Malcom McLean invented the modern shipping container, revolutionizing global trade
• The second wave emerged in 1980, when the Motor Carrier Act of 1980 ushered in an era of deregulation, outsourcing, and competition
• The third wave developed in 1997, when Amazon went public and the Internet age began, transforming supply chain efficiency through digital networks
• The fourth wave is upon us: the age of AI.

AI: The New Frontier for Supply Chains

In a year when the Great Freight Recession continued to constrain transportation companies, the public companies in the BGSA Supply Chain Truckload index treaded water (up 2.1% in market value). The LTL index declined 12.3%. And at a time when the majority of the publicly-traded logistics companies declined in value (in one case by as much as 65%), one truck broker shot up 57%: CH Robinson.

How did they do it? A key driver was AI. CH Robinson invested heavily in AI. They deployed over 400 engineers, built over 30 agents, and started by automating key processes.

For instance, they found that they were only covering 60% of all quote requests, due to the high volume of email-based inbound messages. And they were taking an average of 20 minutes per message to respond. Through AI, they were able to respond to 100% of all requests, and they slashed average response time down to 30 seconds.

Similarly, CH Robinson took a systematic approach to automating other elements of their business. The payoff was clear. In a market where many competitors struggled and some went bankrupt, CH Robinson figured out how to boost their margins. And they were rewarded by the public markets.

Spotlight on CH Robinson

AI-Fueled Margin Growth Amidst the Great Freight Recession

CH Robinson wasn’t the only winner. If you look across the 60 publicly-traded companies in the BGSA Supply Chain Index, in aggregate the market was up 7%. But the dispersion of winners and losers was extremely broad. In healthcare distribution, companies like Cardinal Health found “riches in niches,” shifting to high-margin services like specialty and at-home delivery. In rail, the Norfolk Southern-Union Pacific merger represented an $85 billion consolidation that would create America’s first transcontinental railroad. And in logistics, CH Robinson and Expeditors led the way, drawing on not just technology investment but also Expeditors’ leadership in helping clients manage global trade volatility.

2025 Winners in Market Value

But the name of the game in 2026 is AI. Since ChatGPT’s launch in Q4 2022, had you invested in the “AI Index,” you would have outperformed the rest of the market by 7x (195% vs 26%). The capital expenditures supporting AI have been staggering. In fact, as JPMAM has noted, tech capital spending in 2025 as a percentage of GDP was comparable to the total prior investment in the Hoover Dam, Manhattan Project, Interstate highways, and broadband, combined!

Tech Capital Spending in 2025 vs. Spending on Major US Infrastructure Projects
Peak annual project percent of GDP

Source: Manhattan District History, BEA, Planetary Society, Eno Center for Transportation, San Francisco Fed, Hoover achieves, Baruch, GoldenGate.org, New York Times, JPMAM, 2025

That’s exciting, you might say, but what does it have to do with those of us in supply chain? As it turns out, a lot.

As a Stanford survey of 2,854 executives shows, AI’s biggest immediate impact lies in supply chain. More than 60% have already realized supply chain cost savings from generative AI. This impact is greater than in any other corporate function. And it’s not just about cost. On the revenue side, more than 60% are seeing a gain. It may be that supply chain is ripe for early adoption.

Cost Decreases and Revenue Increases from Generative AI Use
(Percent of survey respondents, n=2,854)

Source: Stanford AI Index Report, 2025

Indeed, in the supply chain world, leaders see AI as their top investment priority. A Prologis survey of 1816 executives showed that AI represents the #1 capital expenditure for supply chain companies in 2026.

Top capital investment priorities for 2026 supply chain
(Top 3 Selected)

Source: Source: Prologis August 2025 survey of 1816 global business leaders

And in the realm of supply chain startups, the field attracting the most capital, of course, is AI. Venture capitalists allocated 55% of all new supply chain investment into AI companies. And while the supply chain software market in aggregate attracted roughly the same amount of capital ($12B), the funding for AI companies increased by 50%, while all other categories aside from warehousing/robotics declined. The interest, attention, and capital is all focused on AI.

The AI Supply Chain Vendor Explosion

Fragmented Innovation with Hundreds of Choices

Source: Supplify, BGSA analysis

What Decisions to Make?

So what are the big decisions to make in 2026?

We believe 2026 represents an inflection point. On the one hand, markets are buffeted by volatility. Will the tariff shocks of Liberation Day give rise to supply chains that are more localized? Will domestic manufacturing and distribution, rise, while international shipping declines? Will AI automate broad swathes of the economy, reshaping industries and reallocating capital, margins and value from incumbents to challengers? And will the Great Freight Recession finally end, or will it continue to extend what is already a four-year record?

On the other hand, we see greater opportunity than ever before. For winners, the path to success has never been faster or more rewarding. We can see this with AI startups that have rocketed from idea to unicorn in less than three years. But we can also see this with incumbents that are using early adoption to create a competitive advantage.

2026 may well be a “Fork in the Road” with enormous implications.

How Can We Help?

We have a front row seat to these challenges and opportunities. At Cambridge Capital, we have an early look at supply chain innovation, as an investor in many of the top companies in our field. At BGSA, we are a force multiplier for smart buyers and sellers, who use our M&A capabilities to achieve their goals. And here at the 20^th annual BGSA Supply Chain conference, we are part of a broader community of leaders who can help each other succeed.

Cambridge Capital

At Cambridge Capital, we believe we are in the early innings of high-growth digital supply chains as well as compressed supply chains. Some of the key themes we see include AI to automate supply chains, supply chain visibility, reverse logistics, and tech-enabled “man + machine” services. To illustrate these ideas, please see below.

At Cambridge, we believe in putting our money where our mouth is. We have made a series of investments in companies in these arenas. They include the following:

1. Greenscreens.ai: There has been much talk of AI in transportation. But who is really applying it? Greenscreens.ai built the first predictive pricing model for truckload freight that actually provides tangible value to customers. This past year, Greenscreens.ai just sold to Triumph (TFIN).
2. Parcel Perform: e-commerce growth is driving demand for supply chain visibility. Founded by DHL alumni, Parcel Perform understands the market gap in visibility and is giving consumer brands and marketplaces a powerful tracking solution. We are proud to back them, along with Softbank.
3. Bringg: for the B2C supply chain, last-mile delivery comprises 41% of total costs. In last-mile logistics SaaS, we believe Bringg is emerging as the market leader. We have backed them since 2016, have watched them scale up from a startup to the incumbent, and welcomed Insight Partners and others in backing one of the latest unicorns in logistics.
4. ReverseLogix: as e-commerce increases, returns are shooting upward since 30% of online purchases are returned. The reverse logistics market suffers from manual processes, a lack of visibility into returns data and metrics, and poor customer experience. We believe ReverseLogix has built the first true end-to-end returns management system (RMS).
5. Liftit: Another region with major fragmentation and opportunity is Latin America. Liftit built a tech-enabled trucking marketplace servicing B2B customers in Colombia, Mexico, and Ecuador, finally bringing visibility, automation, and optimization to large enterprise shippers in these countries.
6. DeliveryCircle: On-demand deliveries for specialty/large products such as tires and other items have been overlooked by many market participants and DeliveryCircle has built a strong niche business focusing on this lucrative sector.
7. STAT: STAT Recovery is a machine learning-based invoice audit software platform helping retail suppliers optimize revenue by reducing improper deductions and compliance fines from large retailers. We invested to support their continued growth with new brands and retailers.

Cambridge Capital, continues to invest in outstanding platforms in the logistics and supply chain technology arena. Cambridge has a simple philosophy: back outstanding CEOs who are building top-quality businesses in the supply chain arena. Cambridge is willing to invest on a majority or minority basis and focuses on $10-$50 million checks.

Over the last 15 years, Cambridge has made 10 investments, beginning with XPO. Cambridge Capital is currently seeking new investment opportunities, so please let us know if you would like to discuss how Cambridge may be a fit for your business. For more information, please feel free to contact me at Ben@CambridgeCapital.com.

BGSA

BGSA has earned a reputation as a leader in M&A for transportation, logistics, and supply chain services, and has worked on over 50 transactions in the sector over the past 20 years. Clients include NFI, GENCO (now FedEx), New Breed (now XPO), and many others. BGSA recently helped SML divest Clarity to Omegro, and is in midst of several other exciting transactions. If you would like to discuss acquisitions, divestitures, or other deal ideas, please reach out to Shai Greenwald at Shai@BGSA.com.

BG Strategic Advisors
Helping Buyers and Sellers Maximize Value in Supply Chain

Closing Thoughts

In sum, we thank you for being a part of the BGSA Supply Chain ecosystem. We all learn and benefit from the collective wisdom of this outstanding network of CEOs and industry leaders.

To see highlights from 2026’s event, including photos of our amazing attendees, feel free to click here.

If you have feedback on the BGSA Supply Chain Conference, please share it here, so we can continue to improve as we seek to convene the best and brightest in our sector and provide unmatched value for our friends and colleagues who join us.

Please save the date for next year’s BGSA Supply Chain Conference: January 20-22, 2027. Next year we will again return to the Breakers in Palm Beach, for our 21^st annual conference!

Meanwhile, we look forward to a successful 2026 for our clients, to a busy year of strategic advisory work with BGSA Holdings, to strong growth for our portfolio companies, and to a few more outstanding platform investments with Cambridge Capital. If you would like to discuss strategic, financial, or other ideas, please feel free to contact me directly at (561) 932-1601 or Ben@CambridgeCapital.com.

Thank you and best wishes for the coming year.

Sincerely,

Benjamin Gordon
Managing Partner
Cambridge Capital
(561) 932-1601
Ben@CambridgeCapital.com