In a deal for A$18 million (US $11.3 million), Australian logistics business Shippit has purchased Singapore-based software developer Luwjistik.
William On, a co-founder and co-CEO of Shippit, will relocate to Singapore to take charge of the startup’s Southeast Asian operations, according to a statement from the company.
Since 2020, the Sydney-based business has been active in the area. Using Luwjistik’s technology, knowledge, and network, Shippit will intensify its expansion in Southeast Asia after the purchase.
In Indonesia, Malaysia, Thailand, and the Philippines, businesses of all sizes may now make use of the services provided by both firms, according to Syed Ali Ridha Madihid, co-founder and CEO of Luwjistik.
Investors in Luwjistik, including East Ventures, Arise Fund, Global Founders Capital, and TriHill Capital, leave the company as a result of the acquisition. In March, the mentioned investors gave Luwjistik US $1.1 million.
Luwjistik, which was established in 2021, includes Ninja Van, J&T Express, and JNE Express among its network partners. Additionally, it offers solutions for significant regional companies in logistics, including POS Malaysia, Lion Parcel, and Summer International, the social commerce division of Gushcloud.
This is Shippit’s second purchase of the year so far. In March, it acquired the Australian last-mile technology company Premonition.
In its 2022 fiscal year, Shippit said that more than 40 million deliveries were scheduled using its platform. Additionally, since 2014, its platform has processed e-commerce transactions totalling US $5.5 billion.
Tidal Ventures and Tiger Global led a series B2 investment in which the company previously received US $48 million.
