WiseTech Global has acquired Walton-On-Thames-based tradetech Bolero.net Limited and its subsidiaries for an undisclosed sum.
Headquartered in New South Wales, WiseTech is the developer of cloud-based logistics execution software CargoWise.
Bolero has been around since 1998 and provides electronic bills of lading (eBL) and digital documentation capabilities for the trade finance sector.
Richard White, Founder and CEO at WiseTech, comments: “As the logistics industry continues to move toward digitisation, 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.”
Bolero offers 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 digital documentation. All parties to the transaction can monitor it and access information about ownership, progress and payment throughout the supply chain life cycle.
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Bolero has plenty of partners listed on its website, such as AWS, China Systems, DXC Technology and Intellect Design Arena.
One of a note in the trade finance space is Contour (formerly Voltron). It was established by fintech consortium R3, along with seven of the eight founding bank members of Voltron – Bangkok Bank, BNP Paribas, CTBC, HSBC, ING, Standard Chartered and SEB. Bolero is a contributing technology partner, integrating its eBL technology onto the platform.
According to LinkedIn, Bolero has 74 employees. It seems jobs might be safe as White and Andrew Raymond, CEO of Bolero, talk about a “welcome” or “joining the WiseTech Global group”.
With a network of more than 200 carriers across the globe and with financial institutions directly connected, WiseTech will feel the Bolero acquisition is a wise move.
The Australian tech company works with over 18,000 logistics companies across 165 countries, including 41 of the top 50 global third-party logistics providers and 24 of the 25 largest global freight forwarders.
