05 Dec 2024
Austin, Texas-based Arrive Logistics announced Tuesday it has acquired the cross-border freight platform Forager.
“By integrating Forager’s cross-border platform into our transportation management system, Arrive can continue to deliver and expand services to Forager’s customers while providing new capabilities to our existing partners,” said Matt Pyatt, founder and CEO of Arrive Logistics. “Through the network, expertise and technology of both organizations, Arrive will scale our cross-border footprint into an industry leader.”
In 2021, $108.6 billion of freight moved across the United States’ borders with Mexico and Canada through all modes of transportation, with 62.6% of shipments being transported by truck. Most freight consisted of computer parts, electrical machinery and vehicle parts, all products that are expected to stay in demand throughout 2022.
The terms of the acquisition were not disclosed, although sources told FreightWaves in September that Chicago-based Forager was seeking a strategic buyer at a $50 million valuation. At the time, the platform had hit a $24 million revenue run rate with mid-single-digit gross margins after raising $14.5 million to design its cross-border technology platform called SCOUT.
The Forager team will continue to work on solving the complexities of cross-border shipments under the Arrive Logistics brand. Matt Silver, founder and CEO of Forager, will stay on as Arrive’s vice president of cross-border solutions.
“The leadership at Arrive inspires me — I’m thrilled with the level of passion that their team shows when building world-class technology, and I’m drawn to the culture they’ve created,” Silver wrote in a LinkedIn blog about the deal. “There’s a lot of alignment in how we think about solving the supply chain issues we’re all hearing about every single day now. I’m proud of everything we’ve built so far and beyond grateful to everyone who believed in this vision and helped build it.”
Silver founded Forager in 2019. He previously worked at Coyote Logistics, the brokerage his father, Jeff Silver, founded in 2006 and sold to UPS in 2015.
Arrive Logistics was founded in 2014. In April, the logistics company announced ATL Partners became its largest minority owner after leading a funding round of more than $300 million, including participation from Baupost Group, British Columbia Investment Management Corp and Temasek.
Photo credit: Jim Allen/FreightWaves. Original article published here.
