Online freight marketplace Freightos has acquired air cargo rate management provider WebCargoNet.
The company says this acquisition creates the world’s largest database of air, ocean, and land freight rates with hundreds of millions of international and domestic rates and routes, enabling SMEs and freight forwarders alike the ability to conduct business online with ease.
No financial details have been revealed about the deal, but the acquisition involved both cash and Freightos shares.
WebCargoNet will retain its independent brand, bringing air cargo rates online worldwide, complementing the Freightos’ AcceleRate freight rate management solution and the Freightos Marketplace.
There will be no immediate changes to current offerings of either company. Over time, strategic synergies will be leveraged to provide more comprehensive and innovative online solutions to carriers, forwarders, and shippers.
Freightos founder and chief executive officer (CEO), Zvi Schreiber (pictured above) says: “Passenger travel booking went online half a century ago. Today, WebCargoNet has finally done the same for air cargo, and shares Freightos’ vision of frictionless global trade.
“This strategic consolidation of technologies is a sure signal that the logistics technology industry is ripe for growth. Combining these two technologies takes us a step closer to bringing freight shipping online and into the 21st century for companies big and small.”
WebCargoNet CEO, Manuel Galindo adds: “Joining Freightos brings WebCargoNet instant scale and the capacity to rapidly advance the technologies we are bringing to market. Hundreds of global forwarders and dozens of air carriers are sure to benefit as together we continue to make freight quoting and booking online a reality.”
Freightos, with WebCargoNet, has accumulated well over 200 million freight pricing data points, which it says establishes the largest freight rate database in the world.
They says the convergence of data from both companies will make it simpler and faster than ever before for carriers and forwarders to sell their services and for importers and exporters to buy, resulting in smoother world trade.