Freightos Acquires Shipsta to Boost Growth
Ticker: CRGOW · Form: 6-K · Filed: Aug 19, 2024 · CIK: 1927719
| Field | Detail |
|---|---|
| Company | Freightos LTD (CRGOW) |
| Form Type | 6-K |
| Filed Date | Aug 19, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, freight-tech, growth-strategy
TL;DR
Freightos buys Shipsta, a big freight procurement tool, to speed up growth.
AI Summary
On August 19, 2024, Freightos Limited announced its acquisition of Shipsta, a freight tender procurement platform used by Global 1000 enterprises. This acquisition is expected to accelerate Freightos' growth and support its financial objectives.
Why It Matters
The acquisition of Shipsta by Freightos aims to enhance its market position in freight procurement technology and potentially drive revenue growth by integrating a platform used by major global enterprises.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent integration risks and the financial impact on Freightos' future performance is yet to be fully realized.
Key Players & Entities
- Freightos Limited (company) — Acquiring company
- Shipsta (company) — Acquired company
- August 19, 2024 (date) — Acquisition announcement date
- Global 1000 enterprises (company) — Shipsta's customer base
FAQ
What is the primary purpose of Freightos Limited acquiring Shipsta?
The acquisition is anticipated to accelerate Freightos' growth and support its financial goals.
What type of platform is Shipsta?
Shipsta is a leading freight tender procurement platform.
Who uses Shipsta's platform?
Shipsta is used by dozens of Global 1000 enterprises to procure freight at scale.
When was the acquisition of Shipsta announced by Freightos?
The acquisition was announced on August 19, 2024.
What is Freightos Limited's principal executive office location?
Freightos Limited's principal executive office is located at Technology Park Building 2, 1 Derech Agudat Sport HaPo’el, Jerusalem, Israel.
Filing Stats: 454 words · 2 min read · ~2 pages · Grade level 14 · Accepted 2024-08-19 08:10:15
Filing Documents
- tm2421995d1_6k.htm (6-K) — 14KB
- tm2421995d1_ex99-1.htm (EX-99.1) — 21KB
- tm2421995d1_ex99-2.htm (EX-99.2) — 278KB
- tm2421995d1_ex99-1img01.jpg (GRAPHIC) — 6KB
- 0001104659-24-090696.txt ( ) — 323KB
From the Filing
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of August 2024 Commission File Number: 001-41604 Freightos Limited (Translation of registrant's name into English) Technology Park Building 2 1 Derech Agudat Sport HaPo’el Jerusalem, Israel 9695102 (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-For Form 40-F: Form 20-F Form 40-F CONTENTS Acquisition of Shipsta On August 19, 2024, Freightos Limited (the "Company") announced that it has acquired all of the shares of Shipsta, a leading freight tender procurement platform used by dozens of Global 1000 enterprises to procure freight at scale from leading freight forwarders and carriers. In that announcement, the Company noted that the acquisition is anticipated to accelerate the Company's growth, supports its financial goals of achieving positive Adjusted EBITDA by the end of 2026, with available funds, and is expected to strengthen its market position as a technology leader in the global freight industry. A copy of the press release containing that announcement is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K (this "Form 6-K"). Quarterly Results of Operations Also on August 19, 2024, the Company announced financial results for the second quarter of 2024 and provided information concerning its expectations for certain key performance indicators for the third quarter of, and full year, 2024. A copy of the press release containing that announcement is furnished as Exhibit 99.2 to Form 6-K. Exhibits. Exhibit 99.1 Press release, dated August 19, 2024, entitled "Freightos Acquires Shipsta, Expanding Comprehensive Digital Freight Procurement Solution" Exhibit 99.2 Press release, dated August 19, 2024, entitled "Freightos Reports Second Quarter 2024 Results with Record Performance Across KPIs" Incorporation by Reference The information in this Form 6-K (excluding Exhibit 99.1 hereto, but including, in Exhibit 99.2 hereto, the data presented in conformity with International Financial Reporting Standards ("IFRS") and related analysis, but not the non-IFRS data and quotes of members of the Company's management in Exhibit 99.2 hereto) is hereby incorporated by reference into the Company's registration statements on Form S-8 (File No. 333-270303) and Form F-3 (File No. 333-280302) , to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. FREIGHTOS LIMITED Date: August 19, 2024 /s/ Michael Oberlander Name: Michael Oberlander Title: General Counsel