Logistics-focused technology platform FourKites has invested an undisclosed amount to acquire German supply chain visibility provider NIC GmbH (NIC-place), the company said on Wednesday.
“NIC-place has the market’s only visibility solution for carriers, the most advanced rail tracking capabilities in Europe, and unrivalled expertise in high-value and temperature-controlled transport.
This acquisition creates a strong carrier- and shipper-centric expertise that will accelerate end-to-end visibility and provide new solutions tailored to our customer's unique needs," said Mathew Joseph Elenjickal, Founder and CEO of FourKites.
NIC-place further said it continue using FourKites' shipper network, global scale as well as research and development engine to boost innovation, with a focus on carrier-specific services.
Founded by Elenjickal and Arun Chandrasekaran, FourKites combines real-time data and machine learning to help companies digitise their overall supply chains. It also claims to track over 2.5 million shipments daily across road, rail, ocean, air, parcel and courier, which reaches 176 countries.
In 2018, FourKites raised $35 million (Rs 228 crore) in a Series B round led by Silicon Valley-based VC firm August Capital. It also raised Series C funding of $50 million (around Rs 357 crore) in 2019.