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Freightos to list on the NASDAQ

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 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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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