WiseTech acquires Blume Global

WiseTech Global, an Australia-based developer of the logistics execution software CargoWise, has acquired privately held Blume Global, a solution provider for North American intermodal rail in North America, for US$414 million.

U.S.-based Blume is being acquired from funds managed by Apollo, EQT and other minority shareholders. The deal was announced earlier this week.

Blume manages intermodal containers and chassis on behalf of six of the seven Class 1 U.S. railroads, ocean carriers and other intermodal equipment providers, including global freight forwarders and beneficial cargo owners (BCOs). It is expected to generate fiscal year 2024 revenues between $65 million and $70 million.

Richard White, WiseTech Global’s founder and CEO, said the acquisition “further extends our capability in one of our six key CargoWise development priority areas, integrating rail into our landside logistics offering in North America, the most complex and largest logistics region in the world.”

Both companies are coming off acquisitions. In 2022, Blume acquired LiveSource, a supplier sourcing and procurement technology company, for an undisclosed amount in an effort to strengthen its cloud-based logistics business’s presence in Europe. Earlier this year, WiseTech acquired Envase Technologies, which provides software to support  intermodal trucking, drayage (container haulage) and landside logistics in North America.

In 2022, Blume Global acquired LiveSource, a supplier sourcing and procurement technology company, for an undisclosed amount in an effort to strengthen its cloud-based logistics business’ presence in Europe.

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Source: freightwaves - WiseTech acquires Blume Global
Editor: Mark Solomon