After 35 years in business, Port Melbourne-based freight specialist CIA Logistics will be absorbed by logistics startup Ofload for an undisclosed sum.
The move represents Sydney-based Ofload's first acquisition since it was founded almost three years ago, and comes more than nine months after $20 million was raised in a Series A backed by investors including King River Capital, Flexport, Bay Grove, Maersk Growth, Global Founders Capital, Flash Ventures and Foundamental.
At the time - and with a valuation of more than $100 million - Ofload flagged its intentions to recruit more than 100 new team members to the business specialising in trucking fleets and optimising road freight. Since then it has reported 500 per cent year-on-year revenue growth.
Employee numbers are now expected to reach 120 following the acquisition with staff spread across Sydney, Melbourne and Brisbane, while CIA Logistics founder and director Tony Couttie will step into a general manager position.
The acquired company's Dispatch Management System technology and expertise will be merged into Ofload’s domestic end-to-end digital road freight solution, while CIA Logistics also brings its nationwide expertise to the table in freight management, freight brokerage and logistics solutions.
The consolidation will support Ofload’s plans to reduce the number of empty trucks on Australian roads and eliminate all waste in road freight, while continuing to meet the rapidly evolving needs of shippers and carriers alike.
Ofload founder and CEO Geoffroy Henry says uniting both businesses will accelerate Ofload’s objectives to increase shipment visibility, minimise manual and analogue processes, and ultimately remove inefficiencies across Australia’s freight industry.
"We are thrilled to welcome CIA Logistics into the Ofload family as our first acquisition," says Geoffroy, a Frenchman who happens to be the younger brother of another thriving entrepreneur in Sydney - Thibault Henry, co-founder of grocery delivery company VOLY.
"Tony has built an incredible business, and the natural synergy between our teams was clear as they worked together to digitise analogue road shipments for some of Australia’s leading brands.
"This exciting milestone for Ofload is just the start of our next phase of growth, which is focused on expanding our footprint and building our digital ecosystem and network of shippers and carriers."
The CIA Logistics brand will be retained during a phased, post-merger integration period with operations, sales and finance teams still reporting to Couttie.
"We are delighted to become part of a leading innovator and mission-driven company, in what we believe will be a game changer for the logistics industry," Couttie says.
"Ofload’s technology will bring a wealth of new opportunities to our customers and carrier partners and will support us in growing our reach across the Australian freight landscape. We see the integration of CIA Logistics into Ofload as a perfect fit."
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