WiseTech Global, developer of leading cloud-based logistics execution software CargoWise, has announced the acquisition of Bolero.net Limited (Bolero) and its subsidiaries, a leading provider of electronic Bills of Lading (eBL) and digital documentation capabilities to facilitate global trade.
Headquartered in the United Kingdom and with over two decades of experience, Bolero offers fully digital solutions for carriers to digitize Bills of Lading, creating eBLs that can be transmitted, endorsed and presented electronically to port authorities, customs, financial institutions, logistics partners and other parties. This removes rekeying of paper-based and scanned documents with accurate, efficient digital documentation. All parties to the transaction can securely monitor progress and access information about ownership, progress and payment throughout the supply chain life cycle.
With a network of more than 200 carriers across the globe and some of the world’s biggest financial institutions directly connected, the vision for both WiseTech and Bolero is to enable end-to-end, digital first trade documentation. This will allow for straight through processing of all data, converging the physical supply chain with digital financial and trade documentary requirements while offering a single view for all supply chain participants, including manufacturers, cargo owners, carriers, banks and service providers.
Richard White, Founder and CEO at WiseTech Global, said: “As the logistics industry continues to move toward digitization, the need for paperless solutions that provide end-to-end execution and visibility are critical. We see tremendous synergy in combining Bolero’s capabilities within the CargoWise ecosystem, creating seamless end-to-end digital workflows. The Bolero team’s knowledge and technology stack will be connected directly into the CargoWise ecosystem to provide benefits to existing CargoWise customers through the provision of leading eBL, digital documentation workflows and the digital connection to banking and settlement services. Our shared commitment to develop digital capabilities that enable and empower global trade means together we will continue to provide our customers with solutions to meet the future needs of the industry. We are excited to welcome Bolero into our global WiseTech team.”
Andrew Raymond, CEO of Bolero, said: “Joining the WiseTech Global group is a natural progression for our business, and a huge step forward for fully digital supply chain documentation, facilitating safer, smarter and faster global trade. Bolero has a proven track record with importers, exporters, ocean carriers, major banks, and port terminals. We are excited by the opportunity to enhance the leading CargoWise ecosystem and provide some of the world’s largest logistics service providers and carriers with digital documentation solutions. We remain committed to our long-standing customers and partners and continuing to enhance our solutions with the product development and innovation strength of WiseTech.”
Nick Habgood, Azini Capital Partners said:
”Without Acuity’s involvement, we would not have secured such a great overall outcome for the company. I was hugely impressed with how they managed the relationship with the buyer, project managed the process all the way to completion and took ownership of the deal issues we had to navigate – I am quite sure that the sale would not have closed without Acuity’s contribution.”
Daniel Cotti, Chairman of Bolero said:
“Many thanks to Andy, David & James for your excellent work in assisting and driving the sale process on behalf of Bolero and its shareholders. Your intelligence, strategic approach and hard work most definitely paid off for everybody involved and was the work and result of true professionals.”
David Copp, Director at Acuity said:
“There is no bigger industry than international trade and Bolero has been at the forefront of its digitisation for over 20 years. Under WiseTech Global’s stewardship and with a shared vision for end-to-end, digital-first trade documentation, Bolero and its team will go from strength to strength. I’m delighted Acuity was able to play a pivotal role in making this transaction happen.”
Andy Lister, Managing Partner at Acuity said:
“We’ve hugely enjoyed working with the Bolero shareholders, management team and WiseTech Global on this transaction, a great example of Acuity’s ability to sell high quality SaaS businesses to major global tech acquirers.”