Aussie freight and logistics software company WiseTech Global Ltd (ASX: WTC) announced its will acquire the UK’s DataFreight for $3.6 million upfront and earn-outs of $1.4 million.
DataFreight is a software company operating in the UK. It provides integrated logistics solutions across UK customs, consultancy for customs compliance and freight forwarding.
WiseTech said DataFreight will integrate with its flagship CargoWise One product and provide customs management solutions.
In the company’s public filing, WiseTech’s CEO, Richard White, was quick to reassure investors about potential complications arising from the UK’s ‘Brexit’.
“Regardless of whether the outcome is a hard or soft border for Brexit, WiseTech is uniquely placed to facilitate trade and deliver cross-border compliance for logistics providers in the UK and Europe,” White said, adding. “With DataFreight, we will continue to expand our lead in cross-border capability geographically, further strengthening our local market capacity to move swiftly ahead of UK and EU regulatory evolution.”
“In any event, with our powerful global development capacity, we are well positioned to address the changes to come.”
Over the past year, WiseTech has been on an acquisition spree. In just the past three months, it announced it would buy the USA’s intermodal trucking TMS provider Trinium and Spain’s Taric.
“…this acquisition is in line with WiseTech Global’s clearly stated strategy of accelerating long-term organic growth through targeted, valuable acquisitions,” WiseTech said.
Since listing on the ASX in 2016, WiseTech shares have risen from $4 to over $17, according to Google Finance.
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