WiseTech takes over Blume Global to enhance their landside logistics services

Last week WiseTech Global – the developer of the leading logistics execution software CargoWise – announced its acquisition of Blume Global for USD 414 million. Headquartered in the United States, Blume provides leading solutions that facilitate intermodal rail in North America and has been acquired from funds managed by Apollo, EQT and other minority shareholders.

WiseTech’s acquisition of Blume comes shortly after their acquired Envase Technologies last month. This transaction demonstrates WiseTech’s continued investment in its CargoWise ecosystem, improving visibility and process efficiencies end-to-end across the supply chain for their customers.

“This is another strategically significant acquisition that further extends our capability in one of our six key CargoWise development priority areas, integrating rail into our landside logistics offering in North America, the most complex and largest logistics region in the world. Blume also brings significant new talent, a portfolio of other valuable product capabilities, and further enhances our product development skill set. ”

Richard White, Founder and CEO of WiseTech Global

Blume Global is responsible for managing intermodal containers and chassis on behalf of 6 of the 7 Class-1 US railroads, ocean carriers and other intermodal equipment providers. They are a high-growth recurring revenue business and it is expected for them generate USD 65-70 million in revenues in FY24, thereby, taking their annual growth from 45% to 55%.

“Joining the WiseTech Global group means greater scale and resources to make logistics processes more productive, agile, dependable, and sustainable with innovative execution and visibility solutions. We want to thank the team at Apollo for helping to stand up and grow Blume as a standalone company and are thrilled to embark on this next chapter to drive even greater digital innovation in this sector.”

Pervinder Johar, CEO of Blume Global

Justin Korval, Partner in Apollo Hybrid Value, and Antoine Munfakh, Partner in Apollo Private Equity, said: “This transaction underscores the tremendous growth of Blume since establishing it as an independent company in 2019. By providing meaningful growth capital and strategic support, Blume’s management team was empowered to pursue an ambitious expansion strategy and successfully develop an industry leading supply-chain technology platform. We wish Pervinder and the entire team the best in this exciting next chapter.”

Leave a Reply

Your email address will not be published. Required fields are marked *