Logistics News

Australian logistics company achieves first acquisition

Shippit has acquired logistics company Premonition

Sydney-based logistics software start-up company Shippit has made its first acquisition, buying Australian logistics company Premonition for $20.5 million.

The 21-member team at Premonition will move across to the logistics business.

Shippit wouldn’t reveal if the acquisition was made in cash or scrip.

Having known Premonition co-founder and co-CEO Brad Lorge for almost seven years, with both companies starting around the same time, Shippit co-founder William On chose to acquire the company and continue expanding in the industry.

“The last 24 months we realised we needed to change a bit of Shippit’s mission and we want to deliver 200 million shipments without waste by 2025,” On says.

“Our vision of the future has always been about connecting existing logistics infrastructure to create delightful experiences and reduce waste for e-commerce and online shopping.

“Premonition enables us to connect many more parts of the logistics ecosystem together.”

Premonition is a multi-carrier logistics platform that uses artificial intelligence to connect retailers with the best delivery options, enabling it to offer same-day delivery and track the last mile logistics.

The company was founded after founder Lorge realised there was no tech-based solution to help connect community groups and food banks in real time with companies that have excess food.

Premonition is optimistic about its new venture with Shippit, says Lorge.

“Our entire team is not just continuing, but they’re energised,” he explains.

“Shippit is committed to continuing to invest in our core platform and it’s an opportunity to complete the vision we set out with seven years ago.”

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