Freightos to go public on NASDAQ via SPAC

Digital booking and payment platform Freightos Limited and special purpose acquisition company (SPAC) Gesher I Acquisition Corp. signed a definitive merger agreement for the company to be publicly listed on the NASDAQ under the symbol FROS. The entity will hold a pro forma enterprise value of roughly $435 million, according to today’s release. The combined entity has also secured an additional $80 million in capital commitments. Participants include Qatar Airways, which plans to invest an additional $10 million in the combined company; M&G Investments, which made a $60 million commitment and an additional backstop commitment of up to $10 million; and Composite Analysis Group, which committed up to $10 million. The transaction is projected to close in the second half of 2022. [caption id="attachment_99296" align="alignright" width="407"] Photo/Ostend-Bruges Airport[/caption] “Our combination with Gesher and access to public markets will allow Freightos to continue to aggressively scale our platform and lead as an international freight booking and payment tool of choice,” Freightos Group Chief Executive Officer Zvi Schreiber said in the release. Combined, the business is projected to generate gross proceeds of at least $80 million and up to $166 million depending on redemptions, according to the release. Freightos’ existing shareholders include FedEx Corporation, Singapore Exchange Limited (SGX Group), various airlines such as IAG Cargo and LATAM Airlines Group, as well as financial investors Aleph and MoreVC, according to the release. Large existing and new Freightos shareholders have signed two-year lockup agreements. Existing Freightos shareholders are expected to own up to 78% of the combined company after funding. Schreiber will remain as CEO and continue to oversee growth and expansion efforts, according to the release. The rest of Freightos’ management team will also remain in place, including Ran Shalev, who currently serves as chief financial officer. Dr. Udo Lange, chief executive officer of FedEx Logistics and Qatar Airways Chief Cargo Officer Guillaume Halleux, among other investors, will join the board of directors. With the airfreight industry continuing to invest in digitalization, digital booking adoption by carriers has significantly picked up pace since 2020. In turn, year over year, digital bookings made on Freightos' platform in Q1 quadrupled . Freightos has also been ambitiously bolstering its operations and services and this month enabled its booking platform to offer the option for digital payments for forwarders and airlines in the U.S, U.K., and Europe . Also in May, Freightos launched a free carbon calculator to help forwarders reduce their carbon footprint. Camilo Garcia Cervera , global vice president of business development at WebCargo by Freightos, will join a panel discussion on “The future of digital booking” at the Air Cargo Tech Summit in Miami on Monday, June 6, at 1:30 p.m. Learn more and register here.

Freightos to go public on NASDAQ via SPAC

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