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- WiseTech Global (WTC) has bought Ready Korea, a leading customs solutions provider in South Korea
- The logistics solutions provider will pay over $13 million for Ready Korea, with a further multi-year earn-out potential of up to $7 million
- South Korea is the eighth-largest export market and the tenth-largest import market in the world – making this acquisition highly attractive for WiseTech to solidify its place in Asia
- WiseTech has been in the hot zone recently since China-based researcher J Capital alleged that WiseTech overstated its profits by $116 million
- WiseTech Global is down slightly by 0.35 per cent and shares are trading for $25.56 each
WiseTech Global (WTC) has acquired Ready Korea, a leading customs solutions provider in South Korea.
The logistics solutions provider will pay roughly $13.2 million for Ready Korea, with a further multi-year earn-out potential of up to $7 million.
Ready Korea offers a cross-border compliance solution, which allows for the lodgement of electronic transactions to the Korean Customs Service. These include customs brokerage and refunds, Free Trade Agreement verifications and bonded warehouse management.
Its customers include widely known names such as FedEx, Bayer Korea, Korea 3M Corporation, Samsung, Siemens, and Johnson & Johnson.
South Korea is the eighth-largest export market and the tenth-largest import market in the world.
“Bringing Ready Korea’s regional customs and trade management expertise into the group now expands our innovation and development capabilities in this important region as we continue to build out our global customs footprint,” WiseTech Founder and CEO Richard White said.
The acquisition strongly aligns with WiseTech’s goal to expand its reach across Asia.
The company has been in the hot zone recently since China-based researcher J Capital released a report alleging that WiseTech overstated its profits by $116 million since 2016.
J Capital also fired at WiseTech for snatching up small companies like Ready Korea.
This acquisition follows recent ones completed in Australasia, Europe, South America, North America, the Middle East and Asia.
Once the acquisition is complete, Ready Korea’s operations will be integrated within WiseTech Global while still delivering its customs and trade management solutions directly to its own customers.
WiseTech Global is down slightly by 0.35 per cent and shares are trading for $25.56 each at 12:28 pm AEDT.
