ASX-listed WiseTech Global is back in acquisitive mode, snapping up Melbourne shipping container marketplace MatchBox Exchange.
While the cost of the acquisition was not disclosed WiseTech (ASX:WTC) announced it had issued 445,769 new shares, worth around $27.6 million, “to the vendors to part-fund the consideration in relation to the acquisition of MatchBox Exchange”.
MatchBox Exchange is a private software startup, launched in 2016, serving transport companies and their customers, which operates in Australia, Israel, New Zealand, and several Asian countries, including Malaysia, Singapore, Taiwan and India. The platform matches supply and demand for empty containers, collaborating with global shipping lines, such as Maersk and MSC for customers to reuse containers, or request or offer empty containers across businesses for import or export.
The business helps landside logistics improve turn-around times and reducing the costs associated with using, then storing empty containers.
WiseTech Global CEO and founder Richard White said MatchBox Exchange brings new digital capability to the business optimise the reuse of shipping containers to reduce unnecessary trucking trips, increase container utilisation and improve productivity.
“There are a huge number of containers moving around the globe at any one time with 862 million TEU (20-foot Equivalent Units) in 2022,” he said.
“This transaction demonstrates WiseTech’s continued investment in our landside logistics development priority, enhancing our CargoWise ecosystem in the container optimization space, while helping to reduce traffic congestion in ports from unnecessary transport of empty containers. This brings us another step closer to delivering on our vision to be the operating system for global logistics,” he said.
MatchBox Exchange CEO, Carl Marchese, said being part of WiseTech Global will give the platform the scale and resources to grow in new markets and improve collaboration and productivity through digital processes.
White has continued to scale his business through an ongoing M&A spree including the A$602 million acquisition of US rail logistics company Blume Global at the start of 2023, as well as US logistics management software startup Envase for $327 million,
WiseTech’s billionaire founder also nabbed delisted data services company Kyckr in a deal is worth around $43.5 million via his personal investment vehicle RealWise KYK AV.