WiseTech Global announces strategic freight acquisitions

Company News

by Jessica Ellerm


WiseTech Global (ASX:WTC) has announced it has acquired two global rate management solution providers, Cargoguide and CargoSphere.

Cargoguide is an air freight management solutions business based out of the Netherlands, servicing over 950 corporations, including DHL, Toll and UPS.

CargoSphere is an ocean freight management solutions business, with over 100 global clients.

The acquisitions will enhance WiseTech’s existing rate management capabilities within its CargoWise One platform.

Cargoguide was purchased for approximately $6.9M while CargoSphere’s purchase price was around $11.5M.

Shares in WiseTech Global (ASX:WTC) are trading 1.92% higher at $8.49.

 

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.