ONLINE booking and rate firm freightos has acquired multimodal tender procurement platform Shipsta to expand its spot pricing, quoting, and booking capabilities, reports London's Air Cargo News.
Headquartered in Luxembourg, Shipsta supports companies' freight procurement by streamlining tender management and procurement processes across air, ocean, road, and rail, enabling companies to solicit tenders from freight forwarders and carriers, said Freightos.
Shipsta's technology serves multinational organisations across industries such as retail, industrial, pharma and automotive.
'The combined Freightos-Shipsta offering will provide the most comprehensive modern platform for selling and procuring freight services, connecting carriers, freight forwarders, and importers/exporters on one unified digital booking platform,' said Freightos.
'The acquisition of Shipsta is a strategic milestone for Freightos, enabling us to advance our vision of digitizing the freight industry end-to-end,' added Zvi Schreiber, chief executive of Freightos.
The acquisition will be financed through a combination of cash and equity. The consideration includes a cash payment of approximately EUR4.5 million (US$4.9 million) from existing reserves and the issuance of approximately 640,000 Freightos shares to a key Shipsta shareholder, subject to adjustment for working capital, and customary holdbacks.
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Headquartered in Luxembourg, Shipsta supports companies' freight procurement by streamlining tender management and procurement processes across air, ocean, road, and rail, enabling companies to solicit tenders from freight forwarders and carriers, said Freightos.
Shipsta's technology serves multinational organisations across industries such as retail, industrial, pharma and automotive.
'The combined Freightos-Shipsta offering will provide the most comprehensive modern platform for selling and procuring freight services, connecting carriers, freight forwarders, and importers/exporters on one unified digital booking platform,' said Freightos.
'The acquisition of Shipsta is a strategic milestone for Freightos, enabling us to advance our vision of digitizing the freight industry end-to-end,' added Zvi Schreiber, chief executive of Freightos.
The acquisition will be financed through a combination of cash and equity. The consideration includes a cash payment of approximately EUR4.5 million (US$4.9 million) from existing reserves and the issuance of approximately 640,000 Freightos shares to a key Shipsta shareholder, subject to adjustment for working capital, and customary holdbacks.
SeaNews Turkey