Freightos takeover creates world's largest air cargo rate database
31 / 08 / 2016
Freightos said the acquisition would create the world’s largest database of air, ocean, and land freight rates with hundreds of millions of international and domestic rates and routes, enabling shippers and freight forwarders to conduct business online with ease.
WebCargoNet will retain its independent brand, bringing air cargo rates online worldwide, complementing the Freightos’ AcceleRate freight rate management solution.
“Over time, strategic synergies will be leveraged to provide more comprehensive and innovative online solutions to carriers, forwarders, and shippers,” the company said.
The acquisition involved both cash and Freightos shares but the companies did not reveal exact terms.
Founder and chief executive of Freightos Zvi Schreiber said: “Passenger travel booking went online half a century ago.
“Today, WebCargoNet has finally done the same for air cargo, and shares Freightos’ vision of frictionless global trade.
“This strategic consolidation of technologies is a sure signal that the logistics technology industry is ripe for growth. Combining these two technologies takes us a step closer to bringing freight shipping online and into the 21st century for companies big and small.”
WebCargoNet chief executive Manuel Galindo added: “Joining Freightos brings WebCargoNet instant scale and the capacity to rapidly advance the technologies we are bringing to market.
“Hundreds of global forwarders and dozens of air carriers are sure to benefit as together we continue to make freight quoting and booking online a reality.”
Freightos, with WebCargoNet, has accumulated well over 200m freight pricing data points, establishing the largest freight rate database in the world.
The companies said the convergence of the data they provide will make it “simpler and faster than ever” for carriers and forwarders to sell their services and for importers and exporters to buy.
It has been a busy couple of months for Freightos. In July, it launched Freightos marketplace, which offers users instant comparison of freight services and prices from multiple logistics providers.