WiseTech resumes M&A flurry with BSM Global purchase
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The news: WiseTech has entered an agreement to buy BSM Global, an Australian company that makes a contract-management platform for exporters.
The context: WiseTech is a famously acquisitive company, having made 40 M&A deals since 2016. The company says it is interested in BSM Global's GTM product, which helps exporters manage contracts and produce documents needed for international trade.
It will be integrated into WiseTech's flagship product, Cargowise, which manages shipping logistics from port-to-port.
The move comes as the dust continues to settle on the personal affairs of WiseTech founder Richard White, who stepped down as CEO in October but remains with the company in the role of "founding CEO."
The role change followed investigations into his personal affairs, some of which were with former WiseTech employees. He still holds a strong grip on the company he founded, however, holding a 37% stake in it.
What they said: “When I first met Robert Flemming, the founder of BSM, several years ago, I was impressed with his vision, passion and drive to facilitate global trade by automating contract, logistics and operational processes within the international supply chain," Vlad Bilanovsky, WiseTech's chief execution officer said.
"This aligns with WiseTech’s relentless focus on automating logistics execution. BSM brings a proven solution for GTM as well as a team with extremely deep domain knowledge in global trade, transport and logistics.”
Flemming said: “Joining WiseTech Global provides a new level of scale and resources to continue my father’s vision to grow and enhance BSM’s GTM solutions globally, and invest in its ongoing innovation as part of the WiseTech ecosystem".
The source: WiseTech media release
