Aerospace & Defense

Aerospace manufacturer’s software covering the design, development, production, testing and sale of aircraft, space vehicles, rockets and missiles, together with related parts and equipment.

Freightos Takes Over WebCargoNet to Create World’s Largest Freight Database

01-Sep-2016
Freightos Takes Over WebCargoNet to Create World’s Largest Freight Database
Freightos®, the online freight marketplace, has acquired 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.

Dr. Zvi Schreiber, founder and CEO of Freightos, said: “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.”

Manuel Galindo, CEO of WebCargoNet said: “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, establishing the largest freight rate database in the world. It 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, therefore resulting in smoother world trade.”