Expeditors International (NASDAQ: EXPD) announced that it is purchasing the digital platform of Fleet Logistics.
The Seattle-based international freight forwarder said the acquisition will support its less-than-truckload (LTL) shipping platform, Koho.
Transaction terms were not disclosed.
“As we have said, we will continue to invest in technology and people. This acquisition extends the services within our Digital Solutions division and evidences our commitment to making investments in our business, stated Expeditors President and CEO Jeffrey Musser.
Fleet is an end-to-end digital freight forwarder offering instant quotes, booking, freight management and delivery for international and domestic shipments.
“Combining Expeditors’ world-class systems and service standards with Fleet’s digital platform will help Expeditors further extend its capabilities,” said Fleet’s founder and CEO, Max Lock.
Koho is designed to help smaller shippers quote, book and manage their LTL shipments. The Koho pilot was advanced with the assistance of Fleet’s technology.
“Koho is the first idea to successfully navigate all stages of our innovation framework — from seed through to scale — and represents the culmination of our efforts to create our innovation team and framework,” said Chief Strategy Officer Benjamin Clark.
Expeditors launched Koho in 2019.