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Logistics management software company, GetSwift Limited joins hand with two North American SaaS companies to acquire their business. It includes the acquisition of Delivery BIZ Pro, a privately held delivery management company, and a leading workforce scheduling provider, Scheduling+.
Headquartered in New York City, GetSwift Limited (ASX:GSW) is into the provision of Software as a Service platform which allows a user-friendly interface for real-time management, dispatching and tracking of delivery. Its smart technology enables organisations to streamline their logistics operations through the automation of the delivery dispatch process.Â
Moreover, GetSwiftâs newly acquired Delivery BIZ Pro provides delivery management services and enjoys an attractive market share in recurring logistics market of North America. The subscription-based cloud service business of Delivery BIZ Pro is expected to boost up the GetSwiftâs end-to-end last mile solution particularly in the delivery of recurring product orders like meal kit, dairy, farm-to-table, produce, water, home and commercial delivery sectors.
The companyâs acquisition-driven growth strategy has brought the new vertical into the play. This defines the GetSwiftâs growing interest in offering employee management services to clients that could combine staff scheduling, task management, payroll, time and attendance recordkeeping into one-stop-destination software. As a result, the company acquired Web Softwareâs flagship product Scheduling+ that opens the door for GetSwift to get hold of tremendously growing workforce scheduling global market.
GetSwiftâs Chief Executive Officer, Bane Hunter, stated that the integration of Scheduling+ into GetSwiftâs platform will offer a best-in-class and fully integrated scheduling solution to the clients of the company.
The software optimises human capital management which allows businesses of all sizes to reduce the amount of time spent on managing employees without the need of having to partner with external providers for this function.
Erick Prohs, CEO and co-founder of Scheduling+, stated that there are more than 2 billion hourly paid drivers and workers worldwide and the methodology used by most of the employers are outdated. Therefore, the addressable market opportunity is exceptionally large for its cloud-based scheduling software.
The high-end features of GetSwiftâs software have gained investors eyeball to the business as its share price has returned as massive as 60% growth since its listing on the Australian Securities Exchange in December 2016.
The GetSwift proprietary batching algorithm can automatically assign a driver along with smart routing technology that optimises the driverâs daily route to save time, fuel and vehicle costs. The companyâs revenue model is based on two different pricing methods that it has adopted for providing its cloud-based delivery services. It defines Pay-as-you-deliver pricing and Enterprise pricing.
With these acquisitions, the company welcomed the key employees of both the companies to join its existing team. It also included the founders of both the companies who will reportedly be incentivised to remain for a minimum of 2 years. The company firmly believes that this acquisition transaction will return long-term shareholder value.
Over the past 6 months, GSW has witnessed a positive performance change of 23.08%. The stock last traded at $0.450 with a market capitalisation of $90.49 million as on 21 February 2019.
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