European digital freight forwarder sennder Technologies GmbH and Poste Italiane, an Italian postal and logistics operator, have renewed their Italian Joint Venture (JV) and commercial agreement for up to ten years, with the potential for the JV, sennder Italia, to produce up to US$2.5 billion in revenue during that time.
Together, the two logistics companies are leveraging technology to improve Full Truck Load (FTL) operations and increase package and mail transportation between Italy’s sorting and distribution centres.
As part of the agreement, Poste Italiane and sennder have agreed to accelerate the respective conversion rights envisaged by the pre-existing agreements and, as a result, sennder owns 75% of sennder Italia while the remaining 25% is retained by Poste Italiane.
In return, Poste Italiane has increased its stake in sennder to approximately 10% on a fully diluted basis.
sennder will further integrate the Italian network into its broader European platform. With this partnership, the two logistics firms will be able to further realise economies of scale and accelerate industry digitalisation.
Poste Italiane will continue to benefit from full GPS visibility of trucks, state-of-the-art automation technology and reduced CO2 emissions through vehicles powered by alternative fuels, as well as their increased utilization.
In 2019, sennder established operations in Milan and created sennder Italia S.r.l. through a JV with Poste Italiane. Since then, sennder Italia S.r.l. has become a major digital operator in the Italian FTL market, developing a profitable business, reporting US$5 million EBITDA in 2022.
