Sydney, Australia (ABN Newswire) - WiseTech Global Limited (ASX:WTC) announced the acquisition of Bysoft Solucoes em Sistemas Para Comercio Exterior Ltda (Bysoft), the largest provider of customs and logistics compliance solutions to the logistics industry across Brazil.
Headquartered in Sao Paolo, Bysoft provides automated customs and freight forwarding software and solutions to ~750 corporations including DHL, FedEx, UPS, Schenker, Yusen, Expeditors and CH Robinson.
WiseTech CEO, Richard White, said "With Bysoft's leading position in customs solutions in Brazil, and with Brazil the largest logistics market in South America, we are pleased to welcome the Bysoft team to the WiseTech Global family. Acquiring the market leading customs and logistics compliance vendor gives us an incredibly strong foundation for our South American expansion."
"We value their leadership, cross-border compliance expertise and product development knowledge. We know Bysoft well through our long-standing Wise Business Partner relationship. Given the deep complexities of cross-border logistics in Brazil, we believe the powerhouse combination of WiseTech Global and Bysoft will provide significant benefit for Brazilian logistics providers and multi-nationals world-wide."
WiseTech will pay $11.8m (R$30m) on completion plus a potential earnout payment for future revenue growth. The total purchase cost will be 3.8x 2018 Bysoft revenue. With current annual revenue of approximately $3.4m (R$8.7m) and approximately breakeven NPAT, this transaction is not material to the WiseTech Global group. Bysoft is expected to be consolidated into WiseTech group accounts from August 2017.
This transaction is in line with the company's stated strategy of accelerating long-term organic growth through small, targeted, valuable acquisitions across new geographies and adjacencies. We are continuing to progress our pipeline of opportunities in key target regions of Europe, Asia and Latin America.
Founded in 1991, Bysoft Solucoes em Sistemas Para Comercio Exterior Ltd a (Bysoft) is the largest software provider of customs solutions to the logistics industry across Brazil. Headquartered in Sao Paolo, with a team of over 50 people, Bysoft solutions cover customs brokerage, government compliance solutions and freight forwarding and their customers include DHL, FedEx, UPS, Schenker, Yusen, CH Robinson, Expeditors, Agility, Dascher, Pibernat, Affinity Logistica and Nippon Express.
Bysoft market leading solutions include l-Traffic, l-Broker, l-Import, l-Portal and BySisco. Since April 2015 Bysoft has been a Wise Business Partner providing access to CargoWise One for their customers. For more information on Bysoft please visit http://bysoft.com.br/
Image Caption: Bysoft Managing Director Edneia Chebabi and WiseTech Global Head of Corporate Development for EMEA, Vlad Bilanovsky.
About WiseTech Global Ltd:
WiseTech Global Ltd (ASX:WTC) is a leading developer and provider of software solutions to the logistics execution industry globally. Our customers include over 6,000 of the world's logistics companies across more than 125 countries. Our flagship product, CargoWise One, forms an integral link in the global supply chain and executes over 34 billion data transactions annually. Our software enables our customers to execute highly complex transactions in areas such as freight forwarding, customs clearance, warehousing, shipping, land transport and cross border compliance and to manage their operations on one database across multiple users, functions, countries, languages and currencies. Our breakthrough software solutions are renowned for their powerful productivity, extensive functionality, comprehensive integration, deep compliance capabilities, and truly global reach.
WiseTech Global Ltd