Mergers and Acquistions News
Categories: Media & Information Services
February 9th 2009, 15:53PM
Descartes Sytems Group has announced the acquisition of the logistics business of Oceanwide.
The deal was completed for a cash settlement of $10.4 Canadian dollars (£5.7 million), with Descartes also granting an option for the former chief operating officer of Oceanwide to buy 40,000 Descartes common shares.
Oceanwide's logistics business focuses on software-as-a-service for customs brokers and freight forwarders.
Its filing services and broker interface simplifies transactions for those in customs - allowing easy auditing, declarations and management of the forwarding and supply chain process.
Jonathan Wasserman, former chief operating officer of Oceanwide and now senior vice-president of compliance solutions at Descartes, comments: "With leading compliance solutions tied to a powerful global logistics network, our customers can benefit from unparalleled operational efficiency and access to data in real time."
Founded in 1981, Descartes is based in Ontario, employs 350 people and services businesses in over 60 countries worldwide.
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