Descartes Acquires Oceanwide Logistics

Monday, February 09, 2009

Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), a global on-demand software-as-a-service (SaaS) logistics solutions provider, has acquired the logistics business of privately-held Oceanwide Inc. in an all-cash transaction.

Oceanwide's logistics business is focused on a web-based, hosted SaaS model suited for customs brokers and freight forwarders who choose to outsource rather than procure or manage traditional enterprise applications behind their own firewalls.

Oceanwide's logistics business provides:
•    Customs filing solutions, including new 10+2 compliant advanced manifest solutions, that enable importers, customs brokers, freight forwarders and carriers to comply with existing and emerging customs regulations
•    Automated customs broker interface (ABI) solutions that enable customs brokers and self-filing importers to collect, audit, and manage critical import information
•    Trade compliance solutions that enable shippers to audit the declarations made with customs authorities
•    Logistics management software that helps small- and medium-sized freight forwarders manage the international freight forwarding processes, including purchase order management, supply chain inventory management, event management and warehouse management.

The acquired logistics business employs approximately 45 people at offices in Montreal, Quebec and Miami, Florida. Descartes acquired all of Oceanwide's U.S. operations and certain Canadian assets and liabilities related to the logistics business. To complete the acquisition, net of working capital received, Descartes paid approximately $8.4m and incurred certain transaction expenses. In addition, Descartes granted an option to purchase 40,000 Descartes common shares with an exercise price of $2.8 to Jonathan Wasserman, former chief operating officer of Oceanwide and now Senior Vice President, Compliance Solutions at Descartes, which option, subject to the terms of the grant agreement, vests in equal annual installments over a period of five years from the date of the grant and expires seven years from the date of the grant.

(www.descartes.com)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0827 sec (12 req/sec)