WiseTech Global, an ASX-listed software logistics leader, has entered an acquisitive phase with the acquisition of Melbourne-based shipping container marketplace MatchBox Exchange. While the financial details of the acquisition were not disclosed, WiseTech revealed that it issued 445,769 new shares, with an approximate value of $27.6 million, as part of the consideration for the MatchBox Exchange acquisition.
MatchBox Exchange is a private software startup that was launched in 2016. It caters to transport companies and their customers and operates in various countries, including Australia, Israel, New Zealand, Malaysia, Singapore, Taiwan, and India. The platform focuses on matching supply and demand for empty shipping containers, collaborating with global shipping lines such as Maersk and MSC. This collaboration enables customers to reuse containers and request or offer empty containers for import or export purposes, ultimately leading to improved landside logistics by reducing turn-around times and costs associated with empty container use and storage.
This optimization will reduce unnecessary trucking trips, increase container utilization, and enhance productivity. White highlighted the significance of the container industry, stating, “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 added that this transaction aligns with WiseTech’s commitment to landside logistics development and contributes to its CargoWise ecosystem in the container optimization space, with the ultimate goal of being the operating system for global logistics.
Carl Marchese, the CEO of MatchBox Exchange, noted that becoming a part of WiseTech Global will provide the platform with the scale and resources needed to expand into new markets and enhance collaboration and productivity through digital processes.
Richard White has been expanding WiseTech Global through a series of mergers and acquisitions. This includes the acquisition of US rail logistics company Blume Global for A$602 million at the beginning of 2023, as well as the purchase of US logistics management software startup Envase for $327 million. Additionally, White secured the delisted data services company Kyckr through his personal investment vehicle RealWise KYK AV in a deal valued at around $43.5 million. This strategic growth further solidifies WiseTech’s position in the global logistics industry.
