HONG KONG’s Freightos is going public through a merger with Tel Aviv-based special purpose acquisition firm, the Gersher Acquisition Company, reports New York’s FreightWaves.
The Freightos Special Purpose Acquisition Company (SPAC) will have a pro forma enterprise value of US$435 million and could generate up to $166 million.
The startup also disclosed that its existing investors include Qatar Airways, FedEx, the cargo division of International Airlines Group (British Airways, Iberia, Aer Lingus, Vueling, Level), and Latin America (LATAM) Airlines Group in South America.
The board of directors will include FedEx Logistics CEO Udo Lange and Qatar Airways CCO Guillaume Halleux.
“Strict internal screens are in place to avoid directors associated with logistics companies being exposed to any data relating to their competitors,” said Freightos.
Seko Logistics vice president Shawn Richard declared Freightos should have publicly disclosed all its investors but added there likely won’t be “any long-term effects or brand damage”.
The Freightos booking platform typically connects shippers and freight forwarders, while freight forwarders make reservations with ocean and air carriers on the sister site WebCargo.
Over 30 airlines, many ocean carriers, and dozens of trucking companies sell capacity on Freightos.
“Last year, US$22 trillion worth of goods crossed borders, but we have all witnessed what happens when shipping doesn’t run smoothly, creating inventory shortages and increasing prices that challenge businesses and consumers globally. This presents a massive opportunity to digitise one of the last large offline industries,” said Freightos CEO Zvi Schreiber.
“Our combination with Gesher and access to public markets will allow Freightos to continue to aggressively scale our platform and lead as an international freight booking and payment tool of choice.”
Post time: Jun-09-2022