Freightos, an Israeli online freight marketplace, has acquired Spain’s WebCargoNet, a cargo rate management provider. The two companies will create the world’s largest freight booking and quote database, according to the announcement.
The deal was in cash and shares but terms of the acquisition have not been disclosed.
Freightos and WebCargoNet provide pricing and booking services for the global freight and cargo industries.
The two companies said they have no immediate plans to change how they operate. WebCargoNet will continue to operate independently but they added that there will be “strategic synergies” in the future. Together the two companies will have more than 200 million freight pricing data points.
“Down the line, Freightos can offer air carrier rates that WebCargoNet has negotiated with airliners to freight forwarders working with Freightos, who could in turn offer air service with global coverage on the marketplace,” Dr Zvi Schreiber (pictured), CEO of Freightos, told tech.eu in a statement. “Another example of leveraging synergy between our companies could be the expansion of Freightos AcceleRate to WebCargoNet customers, currently only managing air rates.
Logistics has lagged behind passenger air travel by not embracing online booking, he said, but WebCargoNet had done just that for air cargo.
“This strategic consolidation of technologies is a sure signal that the logistics technology industry is ripe for growth,” he added. “Combining these two technologies takes us a step closer to bringing freight shipping online and into the 21st century for companies big and small.”