M&A radar: Shopping in the US, Geodis shows what can be done
Another one added
US freight forwarder Expeditors is to acquire Fleet Logistics, for an undisclosed amount.
Now branding itself as a digital freight forwarder, Oregon-based Fleet Logistics began life in 2016 as a freight rate marketplace, securing $4m in its first funding round.
That was followed by a further $10m funding round in January 2018, led by Lufthansa Cargo, when investors included UPS and saw then-Lufthansa Cargo chief commercial officer Alexis van Hoensbroech join its board of directors.
Expeditors said the Fleet Logistics’ digital platform would “support Expeditors’ online LTL [less-than-truckload] shipping platform, Koho”, which Fleet Logistics had helped to develop.
Expeditors chief executive Jeffrey Musser explained: “This acquisition extends the services within our digital solutions division and evidences our commitment to making investments in our business. We are also excited to extend our system capabilities and welcome new talent.”
Benjamin Clark, Chief Strategy Officer, added: “Through our Koho pilot, working closely with Fleet, we were able to demonstrate our ability to meet an unmet need. Koho is the first idea to successfully navigate all stages of our innovation framework – from seed through to scale – and represents the culmination of our efforts to create our innovation team and framework.”
The company added that, as part of the transaction, Fleet Logistics founder Max Lock would be joining Expeditors.