NEOMODAL.COM BUYS ERATEREQUEST.COM
NeoModal.com, a business-to-business transportation and logistics services provider based in Charlotte, N.C., has acquired eRateRequest.com in an all-stock transaction.
eRateRequest.com, an exchange for ocean containerized freight based in Hoboken, N.J., was the first Internet shipping auction, launched in May 1999.
The exchange has “several thousand registered shippers, intermediaries and carriers,” said Randy Paulson, co-president of NeoModal. There have been more than 1,000 transactions conducted on the exchange.
Ron Bobman, NeoModal’s other co-president, said that “eRateRequest will continue to operate while NeoModal develops added functionality,” after which the exchange will be absorbed into NeoMarket, his company’s new venue for spot-market cargo transactions.