TradeTech supply chain advancements have taken on increasing importance as ports have become congested worldwide, delaying delivery of critical cargo and costing shippers and consumers billions of dollars through increased costs and prices. Through its acquisition of MOST, Nexxiot will significantly consolidate its position as the foremost TradeTech innovator in the cargo IoT space.
The Swedish family office Resona, one of Scandinavia’s foremost technology investors, will become minority shareholder in the transaction. Danish IoT market leader GlobeTracker will divest its shares of MOST in the transaction.
Sam Giertz, co-principal of Resona and Chairman of the Board of MOST, said: "One of our core philosophies is to identify business models with the potential to transform industries and disrupt markets through the innovative application of data and technology. We view MOST and Nexxiot as an alliance of truly complementary companies that promise to deliver the new standard in big data solutions across cargo shipping sectors.”
Nexxiot CEO Stefan Kalmund, added: “Our enhanced capabilities distinguish Nexxiot’s solutions from anything else on the market because they transmit instant, real-times alerts about cargo status from inside a container as opposed to logging systems that can only send data once a container arrives at its destination. Beyond the benefits to our customers, these advancements will have far reaching implications pertaining to ‘Know-Your-Cargo’ standards, enhanced safety measures through fire and accident prevention and helping shippers combat illicit trafficking.”
(Press releasse / SK)
Photo: Business Wire