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Freightos to buy WebCargoNet for its global air cargo rates database
HONG KONG's Freightos plans to acquire Spanish startup WebCargoNet, which maintains a large database of global air freight rates.
With this database, Freightos will be able to list a wider variety of routes and modes of transportation in its online freight-booking marketplace, which launched in July.
Freightos' web platform enables retailers and manufacturers to compare shipping rates and book cargo transportation. As for WebCargoNet, it is owned by two founders, who developed the software programme as college students.
"WebCargoNet have a very good asset, which we don't have," said Freightos CEO Zvi Schreiber, reported the Wall Street Journal.
Mr Schreiber has not disclosed the terms of the acquisition, aside from saying the offer was "part cash, part shares".
Freightos is among the biggest in a crop of dozens of startups hoping to shake up the global freight-booking market. The company has raised US$23 million in venture funding, and its acquisition of WebCargoNet would be among the first such deals between freight startups.
With this database, Freightos will be able to list a wider variety of routes and modes of transportation in its online freight-booking marketplace, which launched in July.
Freightos' web platform enables retailers and manufacturers to compare shipping rates and book cargo transportation. As for WebCargoNet, it is owned by two founders, who developed the software programme as college students.
"WebCargoNet have a very good asset, which we don't have," said Freightos CEO Zvi Schreiber, reported the Wall Street Journal.
Mr Schreiber has not disclosed the terms of the acquisition, aside from saying the offer was "part cash, part shares".
Freightos is among the biggest in a crop of dozens of startups hoping to shake up the global freight-booking market. The company has raised US$23 million in venture funding, and its acquisition of WebCargoNet would be among the first such deals between freight startups.
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