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WiseTech Global Ltd hikes stake in German logistics company

Published: 10:00 11 Jul 2016 AEST

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Recently listed WiseTech Global Ltd (ASX:WTC) has increased its shareholding in German logistics software company SoftShip AG from 19.9% to 43.0%.

SoftShip provides logistics solutions to the global sea-freight industry with a significant European customer base.

SoftShip’s group revenue was €7.9 million for the full year ended 31 December 2015.

SoftShip’s business will be complementary to WiseTech’s cloud-based software solutions for the logistics industry.

WiseTech listed on the ASX in April 2016 after raising about $168 million from an IPO at $3.35 per share.

The company hit unicorn status on its first day of trade by passing $1 billion in market cap after shares rose 16.2% to $3.89.

WiseTech’s shares were last trading at $4.88, an increase of 46% from the issue price.

The SoftShip transaction will have no impact on WiseTech’s full year 2016 result, which is expected to be announced to the market on 24 August 2016.

 

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