Freightos, an Israeli firm that has developed a platform for comparing prices, pricing, ordering and payment for real-time transportation and shipping services, went public with a NASDAQ IPO through an SPAC merger with blank-check provider Gesher I Acquisition Corp., coming away with a $500 million valuation. Freightos also brought in over $80 million in capital through the IPO, including $10 million from Qatar Airways.
And Qatar – the country that owns national carrier Qatar airways – has no diplomatic relations with Israel. Qatar actually takes a hostile position against Israel around the world.
Investopedia explains that an SPAC – Special Purpose Acquisition Company – is a company without commercial operations and is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company.
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Also known as blank check companies, SPACs have existed for decades, but their popularity has soared in recent years.
Founded in 2011, Freightos boasts that they make international shipments faster, more cost-effective and reliable, “expanding global trade between the people of the world with the largest global digital freight booking platform.” The company’s technology addresses the challenges created in the global supply chain and enables real-time comparison of the transportation rates of different suppliers. Hundreds of thousands of orders are made through it every year. Since 2019, the company has recorded a rapid growth of 213% in orders and over 60% in gross profits.
Headquarters in Jerusalem and Barcelona Freightos’ platform currently serves over 10,000 importers and exporters, 3,500 freight forwarders, and 200 airlines, sea freight, and land freight.
“Supply chains are fragile, and the last two years demonstrated how valuable Freightos is and can be,” said Zvi Schreiber, CEO and Chairman of the Board of Freightos. “Going public through the combination with Gesher and raising capital is designed to fuel our aggressive efforts to scale our booking and payment platform and enhance our leadership position. This day represents new opportunities for the Freightos team around the world, whose diligence and dedication have made Freightos what it is today.”
While public markets have declined from their epidemic peaks, Gesher CEO Ezra Gardner views Freightos as a “huge market potential.” “When we invest, we never try to predict the future direction of the market or the stock for the following day or week,” he stated last June.