WiseTech Global (ASX:WTC) acquires leading landside logistics platform Envase – The Market Herald

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  • 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 transportation companies, ports, depots and warehouses
  • According to WiseTech, Envas is expected to generate approximately $23 million in calendar year 2023
  • Richard White, founder and CEO of WiseTech Global, says the deal is a “strategically important acquisition in landslide logistics”
  • WTC shares close 0.9 percent higher at $56.10

WiseTech Global (WTC) has agreed to acquire Envase Technologies, a provider of transportation 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 1,300 customers in North America and supports container transportation in all areas of import and export operations, from port and rail terminals to destination. These customers include transport companies, ports, depots and warehouses.

Richard White, founder and CEO of WiseTech Global, said Envase was a welcome addition to the WiseTech Global group.

“This is a strategically important acquisition in landslide logistics that expands and strengthens our position in one of our top six CargoWise development priorities, and we are thrilled to have the Envase team join the WiseTech Global group,” he said.

Financing for the transaction will be a combination of 70 percent cash, equivalent to $161 million, and 30 percent new WiseTech Global stock issued to the suppliers, equal to $69 million.

The shares issued under the scrip component of the deal will be subject to 12-month escrow arrangements from the time the transaction is completed. The acquisition is expected to close in February.

WTC shares closed 0.9 percent higher at $56.10.

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