WiseTech Global, the creator of the logistics execution software CargoWise, has announced the acquisition of Blume Global, a provider of intermodal rail solutions in North America.
WiseTech Global bought US-based Blume for US$414 million from funds managed by Apollo, EQT and other minority shareholders
According to the statement, Blume is a high-growth recurring revenue company that is predicted to produce revenues of US$65-US$70 million in FY24, indicating yearly growth of 45% to 55%. Blume also intends to attain FY24 EBITDA margins of around 10% before operational efficiencies and to be cash-flow breakeven by the end of FY24.
“This is another strategically significant acquisition that follows our acquisition of Envase Technologies last month. It 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,” stated
Richard White, founder and CEO of WiseTech Global.
“Joining the WiseTech Global group means greater scale and resources to make logistics processes more productive, agile, dependable, and sustainable with innovative execution and visibility solutions,” pointed out Pervinder Johar, CEO of Blume Global.
