Swiss IoT Provider to Acquire Swedish Tech Firm
The emerging global cargo TradeTech company expands its operations into Scandinavia via a Stockholm-based acquisition.
Nexxiot, an emerging TradeTech data and logistics digitization company for the global cargo freight industry has announced it will acquire a majority interest in the Swedish technology firm MOST, a provider of real-time cargo monitoring services. The Swedish family office Resona, one of Scandinavia’s largest technology investors, will become a minority shareholder in the transaction.
Headquartered in Zurich, Nexxiot digitalizes cargo transportation for shipping companies and suppliers through proprietary technology and integrated data solutions to track, find and protect cargo in more than 160 countries. Stockholm-based MOST monitors cargo in real-time, detecting vital information about cargo conditions from anywhere in the world.
Nexxiot CEO Stefan Kalmund said, “Bringing MOST’s capabilities into our technology portfolio will have tremendous benefits for Nexxiot’s global customers, affording them unprecedented insights and information about their cargo that will certainly lead to positive outcomes in business planning, decision making and cost savings on a large scale.
“While we are excited about the immediate impacts of this partnership, we are equally thrilled at the long term implications this deal will have for Nexxiot as one of the world’s dominant players in TradeTech and developers of the supply chain solutions for tomorrow”.
Through its acquisition of MOST, Nexxiot states it will “consolidate its position as the foremost TradeTech innovator in the cargo IoT space”. The alliance will combine Nexxiot’s onboard solar-powered cargo sensors and gateways, which track cargo movements and efficiencies through the company’s dedicated logistics cloud, together with MOST’s sensors that monitor the humidity, temperature, light and security of cargo inside freight containers.
Sam Giertz, co-principal of Resona and Chairman of the Board of MOST, said: “One of our core philosophies is to identify business models with the potential to transform industries and disrupt markets through the innovative application of data and technology”.
“We view MOST and Nexxiot as an alliance of truly complementary companies that promise to deliver the new standard in big data solutions across cargo shipping sectors. Through our investments, we are advancing TradeTech’s revolution across the supply chain with major sustainability implications for the future.”
TradeTech supply chain advancements have taken on increasing importance as ports have become congested worldwide, delaying delivery of critical cargo and costing shippers and consumers billions of dollars through increased costs and prices.
Kalmund added: “Our enhanced capabilities distinguish Nexxiot’s solutions from anything else on the market because they transmit instant, real-time alerts about cargo status from inside a container as opposed to logging systems that can only send data once a container arrives at its destination.
“Beyond the benefits to our customers, these advancements will have far-reaching implications pertaining to ‘Know-Your-Cargo’ standards, enhanced safety measures through fire and accident prevention and helping shippers combat illicit trafficking”.
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