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Highlights
- Shippit has acquired Premonition, a logistics technology company.
- With the acquisition of Premonition, Shippit would be able to take advantage of the booming online shopping business.
- Shippit has recently upgraded its mission to achieve 100% carbon neutrality by 2025.
Logistics tech company, Shippit has announced acquisition of fellow logistics tech enterprise, Premonition. This is the first acquisition by Shippit since it became operational in 2014.
The transaction would help Shippit establish a connection with the other parts of the logistics ecosystem. For instance, Premonition would assist the company in adding the online shopping component to its existing ecosystem.
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About Acquisition of Premonition by Shippit
As per the media sources, the cost of acquisition is around AU$20.5 million; however, the company has not disclosed whether the payment will be made in cash or another form. The news of the Premonition acquisition came shortly after Shippit announced a partnership with delivery giant Uber. Sydney-based firm, Shippit partnered with Uber to deliver accessories and clothes to Aussies within an hour. Moreover, the acquisition can be linked with the fund raise kicked off by Shippit last year.
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The deal with Uber and Premonition can be linked with the recently changed mission of Shippit, that is, achieving 100% carbon neutral shipping. The company aims at making shipments without any waste by 2025. Shippit has also partnered with Carbon Neutral Group to work towards its aim.
Image source: © Mauriceschuckart | Megapixl.com
The e-commerce business boomed during the Covid-19, and with the acquisition of Premonition, Shippit will be able to take advantage of the growing online shopping business. Adding to this, Will On, CEO of Shippit, commented,
The synergy of the two companies will support the carriers in enhancing their operations, and as a result, the delivery experience for both retailers and customers will improve. Chiefly, the transaction will bring the online retailers and carriers closer.
About Premonition
Premonition deals in smart technology to connect carriers, merchants, and customers at a low cost. It is a B2B company that offers predictive and real-time logistics services. The customers can make an informed decision and avoid delays with machine learning. Real-time tracking helps companies in gaining transparency. The real-time optimisation allows customers to reroute drivers, add ad-0hoc jobs, and edit consignments.
Crossmark, News Corp, Reece, and Couriers Please are some of the clients of Premonition that uses end-to-end technology solutions. Chiefly, the company is establishing a connection between the retailers and carriers.
Both Shippit and Premonition are working towards empowering the retail industry by offering shipping software. NowGo is the platform offered by Premonition, and it can be customised as per the clients' requirements.
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