Echo Global Logistics expands platform with ITS acquisition

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Echo Global Logistics announced Wednesday that it has completed the acquisition of ITS Logistics, creating an AI-enabled 3PL with implicit $5 cardinal successful yearly revenue. The woody merges 2 of the industry’s largest brokerage platforms, broadening the scope of proscription work offerings for some companies.

Financial presumption of the transaction were not disclosed. Chicago-based Echo announced successful January that it had entered into an statement to get Reno, Nevada-based ITS.

“Adding ITS to Echo helps america execute our imaginativeness of becoming a afloat proviso concatenation solution by leveraging radical and exertion with solutions that present for our shippers,” said Echo CEO Doug Waggoner successful a quality release.

Founded successful 1999, ITS is known for its drop-trailer and trailer excavation capabilities, arsenic good arsenic its wide offering of instrumentality management, drayage and intermodal services. It besides provides dedicated truckload capacity, omnichannel organisation and fulfillment, and different proviso concatenation services.

“Combined with Echo’s precocious technology, automation, and expanding usage of AI crossed our operations, this strengthens our quality to present smarter, much reliable solutions for customers portion continuing to standard the scope of services we provide,” Waggoner said.

Founded successful 2005, Echo has grown done a bid of acquisitions, transforming from a non-asset-based TL brokerage into a diversified proscription and logistics provider. The company’s proprietary tech level uses automation, instrumentality learning and AI to optimize transportation, amended visibility and simplify proviso concatenation functions.

Echo has much than 60 locations crossed North America, specializing successful freight brokerage and managed proscription services for each large trucking modes and less-than-truckload, intermodal and cross-border transportation. It besides has extended warehousing capabilities.

“By combining ITS’ differentiated logistics capabilities with Echo’s exertion and scale, we are well-positioned to bring adjacent greater worth and expanded solutions to our customers,” said ITS CEO Scott Pruneau.

The 2 companies combined to make $5.2 cardinal successful gross past year.

Echo was taken backstage successful 2021 by The Jordan Company successful a woody valued astatine $1.3 billion.

Goldman Sachs was Echo’s pb fiscal advisor connected the deal, with UBS Group besides acting arsenic a fiscal adviser. J.P. Morgan was the pb advisor to ITS, with Jefferies besides acting arsenic a fiscal adviser.

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