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Uber Freight set to buy Transplace for $2 25bn
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Friday, 23 Jul 2021 07:36 AM MYT
Uber Freight matches truckers with those looking to ship goods in much the way that the San Francisco-based company uses smartphone apps to pair drivers and passengers for ride-sharing. ― AFP pic
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SAN FRANCISCO, July 23 ― Uber yesterday announced a US$2.25 billion (RM9.5 billion) deal to beef up its freight unit with the acquisition of a firm specializing in logistics management software.
Combining Texas-based Transplace with Uber Freight will create a huge, comprehensive transportation and logistics network, the companies said in a joint release.
Hot Freight Opinions: Reaction to Uber Freight acquiring Transplace
$2.25 billion deal a ‘game-changer,’ according to a FreightWaves expert 4 minutes read
On Thursday,
Uber Freight announced the acquisition of Transplace for $2.25 billion, a deal the companies say will “create one of the leading logistics technology platforms, with one of the largest and most comprehensive managed transportation and logistics networks in the world.”
We asked FreightWaves experts to provide us their Hot Freight Opinions (HFOs) on the deal:
Craig Fuller, founder and CEO
This is a monster deal in the FreightTech space and makes strategic sense for Uber Freight (NYSE: UBER). Uber Freight will now have direct access to more freight than almost any other domestic surface freight provider.
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Uber Freight, the majority-owned logistics arm of Uber Technologies Inc., today said it’s acquiring shipping software company Transplace Inc. for $2.25 billion.
Uber Freight is acquiring the company from TPG Capital in a deal that consists of $750 million in common Uber stock and the remainder in cash.
Founded in 2000, Transplace offers a blend of logistic technology and transport management services to manufacturers, retailers, chemical and consumer packaged goods companies. The company’s services include transport management, intermodal brokerage and software-as-a-service transportation management solutions.
Transplace’s offering is supplemented by a consulting service, supply chain network planning and design, and transportation procurement. The company says it powers one of the most extensive managed transportation and logistics networks globally, with more than $11 billion in freight under management and 62,000 users on its platform.
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