project44 acquires Ocean Insights
project44, the global leader in supply chain visibility, announced it has acquired Ocean Insights, the number one solutions provider for ocean freight intelligence. Terms of the acquisition were not disclosed. On the heels of massive customer and revenue growth in 2020, project44 acquires Ocean Insights to expand its ocean solution by adding the broadest container tracking capabilities in the market, as well as one-of-a-kind sailing schedule and ocean analytics products. Combining Ocean Insights鈥� tracking and analytics with the project44 platform and ecosystem establishes project44 as the clear market leader with an unrivaled set of multi-modal solutions for end-to-end supply chain visibility.
Surging global trade since the outset of the pandemic has resulted in massive disruptions in the global supply chain. Since March 2020, freight rates increased by as much as 174 per cent due to the increased global demand for electronics, PPE goods and stay-at-home consumer products. At the same time, COVID-19 and other restrictions have caused signi?cant port congestions, and rollover percentages have never been higher. To meet these global challenges and build resilience, supply chain leaders are adopting global freight visibility and digitalisation.
While most visibility providers depend on third parties for ocean tracking data, Ocean Insights has built native integrations with shipping lines to ingest data directly from the source, giving customers the richest visibility across global containerized ocean shipments. Ocean Insights also o?ers unique data analytics, providing customers advanced insight into unforeseen events and overall shipping trends.
Headquartered in Germany and founded in 2012, Ocean Insights pioneered ocean freight visibility by combining carrier data, live vessel tracking and sailing schedule data in one data-rich platform. Tracking 3,50,000 containers daily, Ocean Insights provides track and trace functionality across the vast majority of shipping lines, 700 seaports, and more than 5,000 vessels as well as handling over ?ve million sailing schedule changes per day.
Ocean Insights customers include International Food Group (Sysco), Pernod Ricard, FourKites and other leading enterprises in automotive, manufacturing, food & beverage, commodity trading, chemical and freight forwarding. Many already leverage both Ocean Insights and project44 such as DB Schenker, Hellmann Worldwide Logistics, Kuehne + Nagel, Lenovo, and Mondi Group.
鈥淥cean freight is a linchpin for global supply chains. For organizations shipping internationally, the lack of ocean visibility can start a costly domino e?ect throughout the supply chain,鈥� said Jett McCandless, Founder and CEO of project44. 鈥淥cean Insights has dominated the container tracking space and we look forward to providing the industry not only the best ocean capabilities, but also the most comprehensive end-to-end visibility platform.鈥�
鈥淎t Ocean Insights, our mission has been to make supply chain data visible and actionable through best- in-class soiware and our team of experts,鈥� said Felix Richter, CEO and CTO of Ocean Insights. 鈥淛oining project44 is the next natural step to building the multi-modal visibility solution that global supply chains need. By combining the expertise and technology of project44 and Ocean Insights, shippers and logistics services providers will unlock predictive insights across the globe.鈥�
鈥淲e鈥檝e had enormous success at Ocean Insights growing our business, and we had multiple options for a strategic exit,鈥� said Robin Jaacks, Chief Customer O?cer of Ocean Insights. 鈥淎ier meeting Jett and the entre project44 team, however, we were impressed with the vision, integrity and culture of the team. It became obvious that project44 was the right partner for us.鈥�
Today, project44 o?ers the world鈥檚 largest over-the-road carrier network with connections to more than 800 ELD/telematics devices. With project44鈥檚 leading over-the-road, rail, and air visibility solutions, the acquisition will expand ocean visibility capabilities and o?er the most complete, end-to-end, global and multi-modal supply chain visibility solution.
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