WiseTech Global buys Containerchain

Company News

by Rachael Jones

Global logistics solutions group, WiseTech Global, (ASX:WTC) today announced the acquisition of Containerchain, a leading container optimisation solutions provider in Asia Pacific, Europe and the United States.

Headquartered in Singapore, Containerchain is a market leader for containerised solutions.

They provide real time tracking, automation, connectivity, operational planning and container visibility across the supply chain; currently covering more than 5 million import and export container movement notifications annually.

To facilitate the exit of existing portfolio investors, the purchase cost is $92 million in cash funded through existing group resources.

Shares in WiseTech Global, (ASX:WTC) are trading 1.57 per cent lower at $18.75.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.