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Australian logistics software provider WiseTech Global has agreed one of its largest acquisitions to date with US parcel shipping transport management solution (TMS) provider Peirbridge for an initial fee of A$37m (US$27.3m).
Depending on “business and product integration and revenue performance”, a further A$22.4m could be payable.
Pierbridge offers a parcel shipping solution that streamlines carrier selection, booking, label printing, tracking, invoice reconciliation and business intelligence reporting direct to customers, which include Overstock.com, Siemens, US Homeland Security, BNY Mellon Bank, Texas Instruments, Genentech, Mazda, Home Depot and Menards.
The strategic aim of the deal is to give WiseTech greater access to the fast growing e-commerce sector and create synergies with its platforms for larger freight classes.
WiseTech Global founder and chief executive Richard White said: “E-commerce is driving significant parcel shipment growth internationally and domestically. Pierbridge’s parcel offering allows freight forwarders, warehouses and shippers, such as online retailers, to more efficiently manage high volumes of parcel shipments, and will enable our customers to ship with US-based global couriers.
“Pierbridge’s parcel TMS is a scalable technology we can converge and expand with our next-generation e-commerce solutions.”
“Across the WiseTech group we are building out the cargo chain ecosystem to deliver real-time visibility, control over margins, faster movement, more efficient use of resources and error reduction across all transport modes for our customers.
“Along with our deep cross-border and international logistics capability and global execution platform, this transaction ensures we are well-placed to solve the increasingly large international e-commerce problem set,” he added.
Last year, Pierbridge posted revenue of US$9.3m and a net profit of around $100,000.
The takeover is expected to complete next month and represents the eighth this year for WiseTech.