The Jerusalem based online freight marketplace startup Freightos has acquired Spanish company WebCargoNet, the world’s largest air cargo rate management provider. The acquisition creates the world’s largest database of air, ocean, and land freight rates with hundreds of millions of international and domestic rates and routes, enabling SMEs and freight forwarders to conduct business online with ease.
No finance details were disclosed about the acquisition but media reports suggest it was for several million dollars.
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Freightos was founded by CEO Zvi Schreiber in 2012. The reason: “90% of everything we eat, wear, and use is shipped. But online sales and automation for the trillion-dollar freight industry was non-existent”, as the company website says. The company, which also has offices in Hong Kong, has raised $23.3 million to date including a $14 million financing round in September 2015, according to Globes.
WebCargoNet will retain its independent brand, bringing air cargo rates online worldwide, complementing the Freightos’ AcceleRate freight rate management solution and the Freightos Marketplace. There will be no immediate changes to current offerings of either company. Over time, strategic synergies will be leveraged to provide more comprehensive and innovative online solutions to carriers, forwarders, and shippers. The acquisition involved both cash and Freightos shares.
Freightos and WebCargoNet, have accumulated well over 200 million freight pricing data points, establishing the largest freight rate database in the world. The convergence of data from both companies will make it simpler and faster than ever before for carriers and forwarders to sell their services and for importers and exporters to buy, resulting in smoother world trade.
