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Freightos to buy Shipsta tender platform

[ August 21, 2024   //   ]

The Freightos online booking platform has acquired online freight-tender procurement specialist Shipsta, used by companies to procure freight from forwarders and carriers. Freightos said the move would add tender procurement to its existing spot pricing, quoting, and booking capabilities.

Shipsta, headquartered in Luxembourg, offers tender management and procurement for air, ocean, road, and rail with customers including Puma, Thyssenkrupp and Rockwool.

Freightos chife executive, Zvi Schreiber, said: “The acquisition of Shipsta is a strategic milestone for Freightos, enabling us to advance our vision of digitizing the freight industry end-to-end. Shipsta’s platform, outstanding customer roster, and experienced team will add significant value to our offering by introducing tender management and contract procurement – a segment representing an estimated 50-70% of the total air and ocean freight market.

Shipsta’s team, led by Christian Wilhelm and Stefan Maratzki, will continue Shipsta’s product development, innovation, customer success, and go-to-market strategy and parts of Shipsta’s roadmap will be accelerated to further enhance tender management, provide improved operational integrations and expand on market intelligence capabilities.

Shipsta managiong director and founder Christian Wilhelm added: “Shipsta and Freightos share a mission to bring global freight online. Now, our customers will continue to benefit from the outstanding Shipsta product and team, with service and efficiency further enhanced, while driving new efficiencies to the thousands of forwarders that leverage Freightos and WebCargo by Freightos. Together, we expect to accelerate market penetration, drive innovation, and set new industry standards in freight.”

The acquisition will be financed through a combination of cash and equity and includes a cash payment of about €4.5m from existing reserves and some 640 thousand Freightos shares to a key Shipsta shareholder.

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