Freightlancer, a subsidiary of Freelancer Limited (ASX: FLN) (OTCQX: FLNCF) acquires Loadshift, Australia’s leading heavy haulage transport marketplace.
Freightlancer acquires freight marketplace Loadshift, receives investment from Maas Group founders, appoints new CEO.
At the same time, Freightlancer received $3.7 million investment from Wes Maas, CEO and founder of Maas Group Holdings (ASX: MGH, market capitalisation $1.2b), a diversified industrials group, Tom Cavanagh, CEO & founder of EMS Group (now a division of ASX:MGH), a specialist in machinery hire, sales, repairs and rebuilds to support underground mining and tunnelling and others. Startive Ventures, a venture fund focused on global technology and Internet startup opportunities also participated in the round.
Tom Cavanagh, an experienced executive in the mining & equipment industries as founder and CEO of EMS group is also joining Freightlancer as Chief Executive.
Founded in March 2007 by entrepreneur Phil Callaghan, Loadshift has grown to be Australia's largest online heavy haulage freight marketplace with 68,837 freight requests (up 26.8%) for 85.8 million kilometres of freight requested in CY 2020 and over 73,000 loads posted in the last twelve months.
Figure: The group achieved 9.1 million kilometers of freight posted in March 2021
In FY20, Loadshift EBITDA was approximately $766k. The purchase price was $7.7 million.
Freelancer Limited owns 53% of Freightlancer Holdings Pty Ltd after the transactions closed.
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Twelve-time Webby award-winning Freelancer.com is the world's largest freelancing and crowdsourcing marketplace by total number of users and projects posted. More than 50 million registered users have posted over 19 million projects and contests to date in over 1,800 areas as diverse as website development, logo design, marketing, copywriting, astrophysics, aerospace engineering and manufacturing. Freelancer owns Escrow.com, the leading provider of secure online payments and online transaction management for consumers and businesses on the Internet with over US$5 billion in transactions secured. Freelancer also owns Freightlancer & Loadshift, enterprise freight marketplaces with over 88 million kilometres of freight posted in 2020. Freelancer Limited is listed on the Australian Securities Exchange under the ticker ASX:FLN and is quoted on OTCQX Best Market under the ticker FLNCF.