Freightos to go Public Amid SPAC Deal

FedEx-backed Freightos, a digital platform for global freight-booking services, is set to go public through a merger with special purpose acquisition company Gesher I Acquisition Corp (NASDAQ: GIAC). The agreement will result in Freightos becoming public under the ticker symbol FROS.

Amid the agreement, Freightos has secured USD80 Million in capital commitments as it strives to further grow the business and improve margins. According to a statement by Freightos, the combined entity, to be known as Freightos, will hold a pro forma enterprise value of about USD435 Million.

“Global freight moves the world,” says Zvi Schreiber, Chief Executive Officer, Freightos Group. “Last year, $22 trillion worth of goods crossed borders, but we have all witnessed what happens when shipping doesn’t run smoothly, creating inventory shortages and increasing prices that challenge businesses and consumers globally. This presents a massive opportunity to digitize one of the last large offline industries.”

“Our combination with Gesher and access to public markets will allow Freightos to continue to aggressively scale our platform and lead as an international freight booking and payment tool of choice. This day represents new opportunities for the Freightos team around the world, whose diligence and dedication has made Freightos what it is today.”

The board of directors will include FedEx Logistics CEO Udo Lange and Guillaume Halleux, the chief cargo officer of Qatar Airways.