Nasdaq-listed Descartes, a cloud-based logistics and supply chain management solutions provider, has acquired NetCHB, a leading provider of customs filing solutions in the U.S., for $40 million in cash.
The maximum amount payable under the all-cash performance-based earn-out is $60 million, according to an official statement from Descrates.
Arizona-based NetCHB helps customers streamline and automate customs filing processes and the declaration process for high volumes of e-commerce shipments in the U.S. Its cloud-based platform is used by 700+ customs brokers to connect to the U.S. Customs and Border Protection (CPB) Automated Broker Interface (ABI) to electronically execute fiscal customs declarations and security filings.
"As the digitisation of the logistics and supply chain industry picks up pace, we continue to invest in complementary solutions that add depth and breadth to our Global Logistics Network (GLN)," says Edward J. Ryan, CEO, Descartes. "NetCHB has a team of deep customs domain experts, scalable and robust technology solutions, and a large group of customers that will benefit from additional solutions available on the GLN to help them manage the lifecycle of shipments."
Read Full Story ….. www.stattimes.com
0 comments:
Post a Comment