WiseTech to buy US-based AI platform FRDM.ai for $10m
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The news: Logistics software company WiseTech Global has agreed to acquire AI platform FRDM.ai for an upfront fee of $10 million in cash and WiseTech shares.
The numbers: The maximum payable under all-cash earn-outs is $14.31 million.
The context: The transaction is expected to complete on 3 August, subject to customary conditions.
Established in California in 2018, FRDM.ai is an AI-powered supply chain risk and compliance intelligence platform. It is built on data that maps supplier networks beyond direct suppliers and scores risk in real time.
WiseTech CEO Zubin Appoo said the company’s chief innovation officer and co-founder Richard White has worked closely with FRDM.ai’s founder Justin Dillon for more than nine months to integrate the two companies.
The source: ASX
