Based in Connecticut, PeriShip provides shipping and logistics management for perishable foods and healthcare companies. VerifyMe is paying $7.5 million for the firm’s assets, plus $1 million in common stock and a $2 million promissory note.
“The PeriShip, LLC acquisition is part of our long-term strategic plan,” said VerifyMe CEO Patrick White. “We believe it will provide a new entry point in the pharmaceutical market with authentication, serialization and track and trace, to assist clients in meeting the 2023 Drug Supply Chain Security Act requirements.”
PeriShip’s services include time and temperature-sensitive parcel management, predictive analysis and last-mile resolution. The 21-year-old company’s IT platform offers real-time analysis and information to help ease interruptions to the supply chain flow. Its 400 customers range from medium and large-sized businesses in the perishable food industry to major pharmaceutical companies, the release said.
Read more: White House: COVID-19 Pandemic Will End Before Supply Chain Woes
Supply chain issues are expected to be a headache for some time, a recent report commissioned by the Biden administration said.
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White House economists said the COVID-19 pandemic underlined many of the supply chain snarls that have slowed many areas of the global economy, but that the pandemic is likely to end long before those issues are cleared up.
“Though modern supply chains have driven down consumer prices for many goods, they can also easily break,” the Council of Economic Advisers wrote in the report. Climate change and the increased number of natural disasters that result will lead to more supply chain interruptions, the report says.
Headquartered in Rochester, NY, VerifyMe offers authentication services to businesses, as well as customer engagement, track and trace solutions, and technology to verify NFT ownership.
