From its humble roots as a local St. Louis bank, to the leading provider of enterprise expense management solutions, Cass has a proud history of evolving and growing with our clients.
Cass Information Systems grew out of the services originally offered by Cass Commercial Bank, which began in 1906. As the area shifted from residential to commercial, Cass shifted its focus in order to serve the banking needs of privately held companies in the area. Through the Depression, Cass remained one of the stronger banks in St. Louis.
In 1956, Cass banking customers came to Cass needing a solution to meet Interstate Commerce Commission (ICC) regulations regarding timely payment of their freight bills. Three decades later, deregulation of transportation gave these companies a new opportunity to better manage their freight costs. With this came the demand for data to better manage this considerable corporate cost.
Our freight payment business grew quickly, and Cass Information Systems, Inc. was formed. Cass Bank became a business unit of the new corporation.
Cass continued to grow its freight payment business with a number of acquisitions: Comtrac, in 1987; Bank of Boston, in 1994; and the freight payment business of a number of banks during the 90s. As a pioneer in the freight payment business, Cass has remained the market leader for freight audit, payment and business intelligence services.
In 1994, when energy costs were skyrocketing, Cass recognized an opportunity to help large energy users with utility bill management. Large organizations are increasingly interested in reducing their carbon footprint for brand image reasons, along with overall objectives to simply drive down operational costs. Today, Cass is the premier provider of back-office utility bill processing and business intelligence, helping organizations better understand their energy spend and quantify the success of their initiatives to reduce carbon emissions.
Cass Information Systems became a publicly-held company in 1996.
In 2004, Cass further expanded its payables offerings through the acquisition of ProfitLab, a leading telecom expense management (TEM) provider. Since that time, our TEM services and technology have evolved to address the entire spectrum of telecom lifecycle management, for fixed and wireless communications. Today Cass is a proven TEM leader with a list of marquee clients.
Cass celebrated its 100th year anniversary in 2006. Our anniversary presentation provides a unique look at our rich heritage.
Early 2011 saw the opening of our first European location, in Breda, Netherlands, to better serve the expanding global needs of our customers. Cass achieved record results in 2011, surpassing $100 million in revenues and earning $23 million in net profits. During this record year, Cass processed more than 42 million invoices. Customer accounts payable processed and paid by Cass in 2011 totaled $32 billion for freight, parcel, telecom, energy and water.
In 2012, Cass completed its acquisition of Waste Reduction Consultants, a fast-growing provider of waste expense management services based in Jacksonville, Florida. This acquisition again broadened the Cass product line. As companies acknowledge savings opportunities through more proactive management of their waste services and contracts, as well as formulate new sustainability and recycling initiatives, this is a service in increasingly-growing demand.
Our investments in global expansion accelerated in 2014 with the opening of our first South American office, located in Sao Paulo, Brazil. In 2017, we acquired Efftel, a privately held telecom expense management provider based in the UK. Soon after, we opened an office in Singapore.
Today, with total assets exceeding $1.5 billion, Cass manages more than $50 billion in payables. As a growing, profitable publicly held company (NASDAQ: CASS), Cass offers corporate clients a wide range of expense management, payment and supply chain finance solutions.