- Descartes Systems Group (TSX:DSG) has acquired Assure Assist, doing business as trucker onboarding and risk monitoring solutions provider MyCarrierPortal
- Descartes acquired MyCarrierPortal for approximately $US24 million with cash on hand, plus potential performance-based consideration
- MyCarrierPortal collects information on carriers and evaluates their suitability to transport loads/shipments according to the broker’s risk and compliance standards
- Descartes Systems Group opened trading at C$134.79 per share
Descartes Systems Group (TSX:DSG) has acquired Assure Assist, doing business as trucker onboarding and risk monitoring solutions provider MyCarrierPortal.
Descartes acquired MyCarrierPortal for approximately $US24 million with cash on hand, plus potential performance-based consideration.
Based in Atlanta, Georgia, MyCarrierPortal provides solutions for freight brokers and shippers to establish carrier requirements through an onboarding platform. This platform collects information on carriers and evaluates their suitability to transport loads/shipments according to the broker’s risk and compliance standards. Truck carriers are vetted for legitimacy, insurance compliance and a satisfactory safety record. Once onboarded, carriers are continuously monitored to ensure ongoing compliance. If a carrier fails to meet compliance standards, the customer is promptly notified to take necessary action.
“Carrier fraud and cargo theft is an ongoing problem in the transportation industry. This acquisition is another investment to help enable improved know-your-carrier capabilities that are critical to improve supply chain performance and fraud reduction,” Dan Cicerchi, general manager of transportation management at Descartes said in a news release. “We actively connect with hundreds of thousands of carriers and thousands of brokers and shippers. Many of these participants have expressed their desire for us to further extend our investments in fraud prevention. The combination of MyCarrierPortal and our Descartes MacroPoint FraudGuard tool presents a differentiated solution for our customers to efficiently onboard carriers while enhancing visibility and compliance and reducing fraud risk.”
Waterloo, Ontario-based Descartes Systems Group Inc. is focused on logistics and supply chain management business processes. It provides on-demand, software-as-a-service solutions focused on improving the security and sustainability of logistics-intensive businesses.
Descartes Systems Group (TSX:DSG) opened trading at C$134.79 per share, and its stock has risen 21.07 per cent since the year began.
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(Top image: MyCarrierPortal)