Freight Booking Platform Freightos Acquires 7LFreight

The global freight booking platform Freightos Group says it has acquired the rate management company 7LFreight.

Freightos announced the deal Monday (Jan. 17), saying it would give forwarders using 7LFreight access to the same services they’ve enjoyed, coupled with the ability to get instant pricing and book air cargo through WebCargo, another Freightos Group company.

“Digital Air Cargo booking has become the gold standard for moving goods by air,” the Hong Kong-based company said in a news release. “By the end of 2021, over 29% of global air cargo capacity was available via WebCargo, driving a 1,000% year on year growth in eBookings.”

Freightos said the acquisition bolsters WebCargo’s presence in North America, giving 7LFreight customers access to a booking platform that connects more than 30 airlines and upwards of 10,000 freight forwarding offices around the world.

“As more airlines embrace Digital Air Cargo, we’ve been able to give forwarders the digital tools to book cargo instantly, saving time and money,” said Manuel Galindo, CEO of WebCargo. “7LFreight has been working towards that same goal, and we’re excited to combine our experience and networks so more forwarders can offer quicker, cheaper and more predictable air cargo services while maintaining the highest standard of customer care.”

Brendan O’Dowd, 7LFreight’s CEO, said the partnership is a logical step, given that his company has competed with WebCargo for years.

“I believe that by joining our data sets and capabilities, we’ll be able to provide an industry-leading, comprehensive global solution to our customers. This acquisition makes a lot of sense for our customers as well as our employees,” he said.

Read more: Freightos API Embeds Logistics And Payments Into B2B Marketplaces

PYMNTS interviewed Freightos chief product officer — and then CEO — Ruthie Amaru last year about the challenge of working in an industry where buyers, seller and shippers often use vastly different currencies.

“So, we’ve created a kind of billing system that fits the freight lifecycle,” Amaru told PYMNTS’ Karen Webster. “We’ve had to work very hard to figure out how to do the back-to-back invoicing. A lot of our IP has to do with figuring out how to do that in a way that’s safe and trusted and regulated.”