Freightos has debuted as a public company commencing trading at the Nasdaq stock exchange in New York following the completion of its merger with Denver-based acquisition firm Gesher.
The Jerusalem-based global freight booking and payment platform — "a global leader in air-based shipping and a formidable player in sea-based shipping" — and Gesher entered into a definitive merger agreement in June 2022.
Ian Arroyo, chief commercial officer at Freightos.com, noted that when the company started ten years ago, it had a vision of making global trade frictionless for importers and exporters, freight forwarders, airlines, and ocean liners.
"Today, we're taking one more important step towards that vision. As of this morning, Freightos is officially a public company traded on the Nasdaq (CRGO)," Arroyo said on January 26.
The combined Freightos and Gesher company is operating as Freightos Limited, and shares on the Nasdaq will trade under the ticker "CRGO."
Arroyo assured users that Freightos isn't going anywhere.
"As part of the process of going public, we raised significant capital, which we intend to invest in continuing to build out the Freightos platform. Today isn't where our vision for global freight ends; it's where it speeds up," he added.
Freightos raised over US$80 million in capital through the transaction.
Arroyo further noted that going forward, users can expect Freightos to "accelerate our efforts to help you access smoother, more digital global freight."
The additional capital will also be used to further scale the business, increase transaction growth and revenue and develop the technology stack, drive additional value for customers, and improve margins.
Separately, Zvi Schreiber, chief executive and chairman of the board of Freightos, said going public through the combination with Gesher and raising capital is "designed to fuel our aggressive efforts to scale our booking and payment platform and enhance our leadership position."
In 2022, Freightos facilitated about 700,000 digital booking transactions, with a value of over US$600 million in Gross Booking Value, representing a 54% year-on-year growth.
