Executive Briefings

Freightos Enhances Air Cargo Rate Database with WebCargoNet Acquisition

Freightos, looking for an edge in the crowded field of tech-driven shipping start-ups, is buying a database of air cargo rates to fill a gap in its new online marketplace.

Freightos in July launched a web platform where retailers and manufacturers can compare shipping rates and book cargo transportation, a service the company likens to travel-booking websites. Before the launch, the four-year-old company had focused its resources on ocean and land shipping, but offered fewer options for shippers looking for speedier ways to move their freight.

By acquiring Spanish startup WebCargoNet, which maintains a database of global air-freight rates, Freightos can list a wider variety of routes and modes of transportation in its marketplace, said Chief Executive Zvi Schreiber.

"WebCargoNet have a very good asset, which we don’t have," he said.

WebCargoNet is based in Spain and owned by its two founders, who developed the software program as college students.

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Freightos in July launched a web platform where retailers and manufacturers can compare shipping rates and book cargo transportation, a service the company likens to travel-booking websites. Before the launch, the four-year-old company had focused its resources on ocean and land shipping, but offered fewer options for shippers looking for speedier ways to move their freight.

By acquiring Spanish startup WebCargoNet, which maintains a database of global air-freight rates, Freightos can list a wider variety of routes and modes of transportation in its marketplace, said Chief Executive Zvi Schreiber.

"WebCargoNet have a very good asset, which we don’t have," he said.

WebCargoNet is based in Spain and owned by its two founders, who developed the software program as college students.

Read Full Article