Jerusalem-based freight shipping marketplace Freightos will be listed on Nasdaq Thursday following its conclusion of a SPAC (special purpose acquisition company) deal with Denver-based Gesher.
“The deal fulfills our needs now and in the long-term. Going public is the best avenue for us, opening us up to new investors… the top investors.”
Zvi Schreiber
“The deal fulfills our needs now and in the long-term. Going public is the best avenue for us, opening us up to new investors… the top investors,” said CEO Zvi Schreiber. “We have made a number of very successful acquisitions, and being public allows us to continue in that.”
Gesher CEO Ezra Gardner, when asked about why his SPAC decided to take on Freightos, said that “in any deal there must be an industrial logic to going public - demand on both sides, especially for large public companies… Freightos has that.” Speaking of the team, he said “Zvi is an excellent CEO with a deep bench aside him.”
What is Freightos?
Freightos was founded in 2012 by Schreiber following the acquisition of a previous company he worked on. In that role, the company dealt with shipping and he “realized that the industry was so outdated.” From there he developed their unique freight comparison platform that enables all the stakeholders in the freight industry to more efficiently conduct global supply chain logistics.
The company is the global leader in air-based shipping and a formidable player in sea-based. They have major offices in Jerusalem, Ramallah and Barcelona.
Freightos saw exceptional growth in 2022, and in 2023 they are anticipating doing more than $1 billion in shipping value. The SPAC will infuse approximately $80 million at a $500 million valuation for the company, allowing it to accelerate growth, make key hires and as Schreiber says, “keep doing what we are doing… not letting this change us.”
Gardner’s SPAC Gesher has been investing heavily in Israel over the last 15 years, with most of its investments being in the Jewish state. An Israeli-American, he sees Israeli companies as making a deep impact on industries while also doing good – and he sees Freightos as fitting the bill. “It is important to emphasize how important supply chain logistics are. It is unusual to find investments like this where an industry is not digitized at all but will be.”
Schreiber hones in on this: “90% of the products consumed in Israel are imported.” So whether you know it or not, Freightos is ensuring that the goods in your home are delivered timely and cost-effectively.
The company is listed under the ticker CRGO.