Freightos, an Israeli company that set up the world’s first marketplace for international shipping, has purchased a Spanish competitor, the Jerusalem-based organization announced on Wednesday.
The purchase of WebCargoNet will help the it create the “world’s largest freight Big Data database” for companies seeking the best price to ship cargo by air, land or sea, Freightos marketing director Eytan Buchman said in a statement. WebCargoNet dealt primarily in air cargo, complementing Freightos’ existing services in sea and land shipping. The cost of the purchase was in the “multi-million Euros range,” Buchman said.
The enlarged company will have over 200 million data points, Buchman claimed, giving more choices to companies looking to move goods internationally.
Shipping logistics was once done manually with little ability to compare prices. By creating an online resource that allows shippers to compare prices and services for all modes of shipping, Freightos will “help companies ship goods at increased savings,” Buchman said.
[Photo: NOAA’s National Ocean Service / Flickr ]