On February 23, 2023, Firmament announced its exit from Envase Technologies, a leading provider of transport management systems software for intermodal trucking, in a transaction valued at $230 million. The acquisition by WiseTech Global enhances Envase's capabilities within the landside logistics sector, alongside its existing over 1,300 clients in North America. Both Firmament and WiseTech executives praised the deal as a pivotal moment for Envase, aimed at driving innovation and increasing operational efficiency. Firmament previously held a controlling stake in Envase, established with the aim of becoming a technology leader in the TMS market.
WiseTech Global has announced the acquisition of Blume Global for US$414 million. This strategic move enhances WiseTech's capabilities in integrating intermodal rail within the North American logistics market, the largest in the world. Blume is projected to generate between US$65 million and US$70 million in revenues for FY24, reflecting a growth rate of 45% to 55%. The acquisition is expected to optimize operational efficiencies within WiseTech’s CargoWise platform and significantly extend its logistics service offerings.
WiseTech Global announced the acquisition of Envase Technologies for US$230 million. Envase specializes in transport management systems for intermodal trucking and landside logistics in North America, boasting over 1,300 customers and expected 2023 revenue of US$35 million with a low to mid 20% EBITDA margin. The acquisition will be financed with 70% cash and 30% new WiseTech shares. Expected completion is set for February 2023. This strategic move enhances WiseTech's position in landside logistics, aligning with their CargoWise platform's growth areas.