- WiseTech Global (WTC) agrees to acquire Envase Technologies, a landside logistics platform in North America, in a US$230 million (A$325 million) deal
- Envase has more than 1300 customers, including trucking companies, ports, depots and warehouses
- According to WiseTech, Envase is expected to generate some $23 million over the 2023 calendar year
- WiseTech Global Founder and CEO Richard White says the deal is a “strategically significant acquisition in landslide logistics”
- WTC shares close 0.9 per cent higher at $56.10
WiseTech Global (WTC) has agreed to acquire Envase Technologies, a provider of transport management system software for intermodal trucking and landslide logistics in North America.
The transaction is valued at US$230 million (A$325 million).
Envase has more than 1300 customers across North America, aiding the movement of containers across all areas of import and export operations from port and rail terminals to destination. These customers include trucking companies, ports, depots and warehouses.
WiseTech Global Founder and CEO Richard White said Envase was a welcome addition to the WiseTech Global group.
“This is a strategically significant acquisition in landslide logistics, which extends and strengthens our position in one of our six key CargoWise development priority areas, and we’re extremely pleased to have the Envase team join the WiseTech Global group,” he said.
Funding for the transaction will be made up of a combination of 70 per cent cash, equal to US$161 million, and 30 per cent new WiseTech Global shares issued to the vendors, equal to US$69 million.
The shares issued under the scrip component of the deal will be subject to 12-month escrow agreements from when the transaction is complete. The acquisition is expected to be completed in February.
WTC shares closed 0.9 per cent higher at $56.10.