Australia-based software company makes its eighth acquisition this year.
The rapidly expanding software company WiseTech Global on Wednesday announced the acquisition of Pierbridge, a parcel shipping transportation management solutions provider headquartered in Massachusetts.
Sydney, Australia-based WiseTech is paying AUD $37 million (U.S. $27.3 million) up front, with a further multiyear earnout potential of up to AUD $22.4 million related to business and product integration, and revenue performance.
Pierbridge is expected to be consolidated into WiseTech’s accounts in July and will remain under the leadership its managing director, Bob Malley.
Commenting on the transaction, WiseTech Global Founder and CEO Richard White said, “Pierbridge’s parcel shipping TMS offering allows freight forwarders, warehouses and shippers, such as online retailers, to more efficiently manage high volumes of parcel shipments, and will enable our customers to ship with U.S.-based global couriers. Pierbridge’s parcel TMS is a scalable technology we can converge and expand with our next-generation e-commerce solutions as we drive deeper into global e-commerce fulfilment.”
The acquisition also will give Pierbridge access to the 7,000 logistics providers across the world that utilize WiseTech’s integrated supply chain execution solutions.
Pierbridge is the ninth acquisition that WiseTech has made since January, directly following its announcement earlier this month of the acquisition of Fenix Data Systems, a customs management solutions provider in Canada.
Amid rapid expansion, WiseTech is forecasting year-over-year growth in revenues and EBITDA for fiscal year 2018, which runs from July 1, 2017, to June 30, 2018. The company will announce its fiscal year 2018 results on Aug. 22.
WiseTech expects revenues for the fiscal year to range between AUD $210 million and AUD $220 million and its EBITA to range between AUD $71 million and AUD $75 million, up from revenues of AUD $153.8 million and an EBITDA of AUD $53.9 million for fiscal year 2017.
WiseTech buying TMS provider Pierbridge
