USA: Descartes Systems Group announced the closing of its acquisition of substantially all of the assets of Integrated Export Systems and IES Asia Limited. Earlier, on June 13, 2012, Descartes announced the signing of the definitive agreement to acquire these assets from IES, subject to fulfilment of typical closing conditions. The all cash purchase price for the acquisition of the IES business was US$ 35.0 million, with Descartes acquiring approximately US$ 0.8 million in working capital.
The acquisition advances Descartes’ strategic objective to strengthen its global presence and leadership position by:
- Expanding Descartes’ network capabilities to improve the scope of commercial transactions processed;
- Strengthening Descartes’ forwarder and broker applications footprint to include a fully integrated enterprise system; and
- Growing Descartes’ global multi-modal logistics community by adding a significant Asia Pacific logistics community, with thousands of logistics service providers processing shipments originating from the region.