Freight booking and payment platform Freightos will list on the NASDAQ via a combination with Gesher I Acquisition Corp, a special purpose acquisition company. The combined entity, to be known as Freightos, will have a pro forma enterprise value of approximately $435m.
The capital raised from the transaction will be invested to further scale the business.
Zvi Schreiber (pictured), CEO of Freightos, said: “Last year, $22trn worth of goods crossed borders, but we have all witnessed what happens when shipping doesn’t run smoothly, creating inventory shortages and increasing prices that challenge businesses and consumers globally. This presents a massive opportunity to digitalise one of the last large offline industries.”
This presents a massive opportunity to digitalise one of the last large offline industries
In a LinkedIn post, Schreiber described how when he founded Freightos 10 years ago, the goal was to take the multi-trillion dollar freight industry online, and streamline the global shipping process the same way Amazon did for e-commerce and Booking.com did for passenger travel.
Ezra Gardner, Gesher’s CEO, commented: “Following the combination, Freightos will be the only pure-play public global freight platform investment opportunity available.”
Existing shareholders in Freightos include FedEx, the Singapore Exchange, a number of major airlines, including Qatar Airways, IAG Cargo, LATAM Airlines, and Bob Mylod, the chairman of Booking Holdings.
