The global freight booking platform Freightos Group announces that it has acquired the fare management company 7LFreight.
Freightos announced the deal on Monday, January 17, saying it would give freight forwarders using 7LFreight access to the same services they have enjoyed, as well as the ability to get instant pricing and book airfreight through WebCargo, a another Freightos group company.
“Digital air cargo booking has become the benchmark for air cargo transportation,” the Hong Kong-based company said in a press release. “By the end of 2021, over 29% of global air cargo capacity was available through WebCargo, driving 1,000% year-over-year growth in electronic bookings.
Freightos said the acquisition strengthens WebCargo’s presence in North America, giving 7LFreight customers access to a booking platform that connects more than 30 airlines and more than 10,000 freight forwarding offices. in the world.
“As more and more airlines embrace digital airfreight, we’ve been able to give freight forwarders the digital tools to book freight instantly, saving time and money,” said said Manuel Galindo, CEO of WebCargo. “7LFreight has been working towards this same goal, and we are excited to combine our experience and networks so that more freight forwarders can offer faster, cheaper and more predictable air freight services while maintaining the highest level of service at all times. the clientele.”
Brendan O’Dowd, CEO of 7LFreight, said the partnership is a logical step, given that his company has been competing with WebCargo for years.
“I believe that by joining our datasets and capabilities, we will be able to provide our customers with a comprehensive, industry-leading global solution. This acquisition makes a lot of sense for our customers as well as our employees,” he said.
Read more: Freightos API Integrates Logistics and Payments in B2B Marketplaces
PYMNTS interviewed Ruthie Amaru, product manager of Freightos – then CEO – about the challenge of working in an industry where buyers, sellers and shippers often use very different currencies.
“So we created a sort of billing system that matches the freight lifecycle,” Amaru told Karen Webster of PYMNTS. “We had to work really hard to figure out how to do follow-up billing. A big part of our intellectual property is figuring out how to do it in a safe, reliable, and regulated way. »