WiseTech buys rail logistics provider Blume for $603m
Summary
The US-based company is being acquired from funds managed by Apollo, EQT and minority shareholders. "This is another strategically significant acquisition that follows our acquisition of Envase Technologies last month," WiseTech Global founder and CEO Richard White said on Friday, referring to his companys $US230m purchase of an intermodal trucking software provider. Blumes acquisition integrates rail into Wisetechs landside logistics offering in North America, "the most complex and largest logistics region in the world," Mr White said. "It will take a while to understand this acquisition, however on initial review it looks in line with their strategy around expanding into Landside Logistics more deeply," said E&P Financial analyst Paul Mason in a note. At 11.16am AEDT, WiTech shares were down 3.2 per cent to $56.73, on a generally down day for the market.