Freightos Enterprise Debuts as Global Freight Procurement Option for Large Shippers
Trade uncertainty, canal closures and shipping rate volatility or not, shipments still need to get delivered.
On Wednesday (April 23) global freight booking and payment platform Freightos introduced Freightos Enterprise. A press release described the new tech product as a unified digital suite for large-volume importers and exporters to simplify and speed up international shipping.
Despite ongoing digitization, the company said, the realm of global freight procurement, rate benchmarking and shipment execution tends to get fragmented.
“Enterprise logistics teams are drowning in spreadsheets, emails, and siloed platforms,” said Zvi Schreiber, CEO of Freightos. “The result is higher cost and unreliable supply of imported goods … at a time when resilience is critical.
Per the release, Freightos Enterprise integrates global freight procurement logistics and provides improved transparency with three main modules. “Procure” automates requests for quotes, manages tenders and optimizes contracts, reportedly reducing procurement time by up to 90%. This module builds on technology acquired through Freightos’ purchase of Shipsta last year.
The “Rate, Book & Manage” module provides digital access to hundreds of carriers, enabling users to compare rates, book shipments and track cargo in real time.
And the third module, “Terminal,” delivers real-time market intelligence and “enhanced” contract benchmarking, utilizing data from international beneficial cargo owners. The terminal features its own special metrics for container shipping and air cargo — the Freightos Baltic Index and the Freightos Air Index, respectively.
The company claims that early adopters have seen a 20% reduction in freight spending thanks to data-backed negotiations and an 80% decrease in email communications related to quoting and booking. Other reported benefits, per the release, include the elimination of communication bottlenecks with logistics service providers and improved visibility from contract negotiation through to final delivery.
PYMNTS reported in February that Freightos expected first-quarter revenue to range from $6.7 million to $6.8 million, reflecting a 25% to 27% growth.
In addition, the company anticipated processing between 362,000 and 370,000 transactions, growing 22% to 25% year over year. The projected gross booking value for the quarter was between $272 million and $280 million, a 41% to 45% increase from Q1 2024. PYMNTS also wrote that Freightos projected an adjusted EBITDA of negative $3.2 million to negative $3.0 million for the quarter.
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