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Logistics software group WiseTech Global (ASX: WTC) has secured a deal to acquire Sydney-based export software company ImpexDocs in a transaction that is partly funded by the issue of $7.1 million in shares.
While the full purchase price has not been disclosed, WiseTech has announced to the ASX that it is issuing ImpexDocs owner Acme Trade Group with about 56,247 WiseTech shares to satisfy the equity consideration of the deal.
ImpexDocs, which was founded in 2003 by Manish Desai, provides a range of services to exporters through a digital platform that manages international trade processes, documentation, sales and purchase orders, as well as shipping and compliance documentation.
The platform also provides visibility of the status of orders, shipments and contracts.
ImpexDocs has clients across Australia, New Zealand and the US, with the company listing GrainCorp, Cleanaway, Blackmores and logistics group DB Schenker among its customers.
WiseTech says the functionality of ImpexDocs will dovetail neatly into its own suite of compliance, trade and logistics products.
“The acquisition of ImpexDocs brings proven GTM (global trade management) capability to WiseTech’s solutions as well as a team of domain experts in global trade execution and compliance,” says WiseTech chief execution officer (CXO) Vlad Bilanovsky.
“This will help accelerate ongoing product development within digital documentation - one of our six priorities to extend the CargoWise ecosystem.”
CargoWise is Wistech’s key operating platform which is employed globally to manage complex logistics and freight operations.
Desai, who has more than 20 years’ experience in international trade, logistics and international supply chain management, will remain with the ImpexDocs business following the acquisition.
“We are excited about the opportunities enabled by joining WiseTech as the global reach and extensive resources will help bring ImpexDocs’ solution to a much larger potential market, while opening new career opportunities for our team members,” says Desai, the ImpexDocs founder and CEO.
The ImpexDocs deal remains subject to regulatory approval.
The acquisition follows a deal struck last month by Wisetech for BSM Global, another Australian company that provides global trade management systems and solutions.
WiseTech is targeting revenue of between $1.2 billion and $1.3 billion in FY25, up between 15 and 25 per cent from a year earlier. EBITDA is forecast to land between $600 million and $660 million, an increase of 21 to 33 per cent.
However, the company plans to report earnings in US dollars in future, starting with the interim FY25 results which are due to be announced next month.
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