Freight Marketplace Freightos Acquires WebCargoNet

Creates World’s Biggest Freight Database

Hong Kong, August 31, 2016

Freightos, the world’s online freight marketplace, today announced the acquisition of WebCargoNet™, the world’s largest air cargo rate management provider. 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.

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. The acquisition involved both cash and Freightos shares.

Freightos, with WebCargoNet, has accumulated well over 200 million freight pricing data points, establishing the largest freight rate database in the world. 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.

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.
Zvi Schreiber, CEO, Freightos
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
Manuel Galindo, CEO, WebCargoNet

About Freightos

Freightos® operates the world’s online marketplace for shipping. Freightos also provides Freightos AcceleRate™ software-as-a-service to automate pricing and routing for leading carriers, freight forwarders and shippers. Founded by serial entrepreneur Zvi Schreiber, Freightos is incorporated in Hong Kong, with a global presence, and has raised $23.3 million from leading venture funds. Freightos’ SaaS technology powers instant freight quotes internally for international freight forwarders including CEVA Logistics, Nippon Express, Hellmann World Logistics, and offers freight rate management and pricing and routing optimization for supply chain companies like Sysco Foods, Panasonic USA, and Marks & Spencer. At the heart of the Freightos Marketplace and AcceleRate SaaS are a unique patent-pending freight pricing and routing engine, and a database of millions of ocean, air and land freight price rates, updated daily. The Freightos group now includes WebCargoNet, based in Barcelona, Spain, the world’s leading network for distributing air cargo rates from airlines to freight forwarders and from forwarders to importers and exporters. For more, visit: www.freightos.com.

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