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Internet parcel shipping firm Passport has acquired Atlanta-based Access Worldwide for an undisclosed sum, although it did say it agreed a mix of equity and cash for the forwarder.
Operating in the last-mile parcel delivery sector, Passport, founded more than three years ago, said it was looking to develop its service offerings and Access was a perfect fit.
Passport CEO Alex Yancher told The Loadstar: “We started in San Francisco, developing quality technology, but we lacked first-hand knowledge on the logistics side. Access Worldwide offered us the opportunity to get that experience.”
Moreover, he said, developing relationships within the logistics business could take time, but with the acquisition of Access, those relationships were already there.
“Access already has that know-how and that will help us to develop our systems. It is the missing piece of our puzzle”.
Passport raised $3m in its initial seed funding and its $12m Series A funding closed in March 2020, just as the pandemic hit the US, which stalled the business in terms of acquisitions. Now Covid-19 restrictions have eased it allows Passport to venture into the market.
Access Worldwide operates a single warehouse in Atlanta, with no other assets.