Uber buys Transplace, a logistics technology company, for $ 2.25 billion

News

Uber buys Transplace, a logistics technology company, for $ 2.25 billion

27.07.2021 News

Uber has announced an agreement with TPG Capital to acquire Transplace, which provides the widest portfolio of technology services and solutions in the logistics and transportation industry.

The estimated amount of the deal is a considerable $ 2.25 billion, but about $ 750 million Uber will pay in the form of its own shares, and the rest in cash.

Investors may be a little surprised by the company’s move, given that Uber Freight’s shipping platform generates a small share of revenue compared to the main application for passenger transport (Mobility) and delivery (Delivery): $ 280 million against $ 4.6 billion. $ 2.5 billion (respectively) for the 2020 financial year

In addition, the Uber Freight division in 2020 was still unprofitable – losses amounted to $ 10 million, but this is much better than the loss of $ 115 million in 2019.

In the context of the COVID-19 pandemic crisis, Uber had to close businesses in many low-profit regions and abandon its unmanned driving unit and air taxi segment.

Following the demand for food delivery, Uber has decided to invest billions in strengthening its Uber Eats segment by acquiring the alcohol delivery company Drizly and the food delivery service Postmates.

However, given the continued growth of e-commerce and the demand for transport and logistics services, one can understand the motives for Uber’s move. Investing in the development and expansion of Uber Freight in the medium and long term can bring significant benefits.

The Uber Freight app today has more than 70,000 carriers on its network and thousands of shippers as customers, from small businesses to Fortune 500 companies, including AB Inbev, Nestle, LG, Land O’Lakes and many more. Uber Freight services are currently only available in the United States and Canada.

Transplace, with its portfolio of technology solutions backed by artificial intelligence, machine learning and data processing technologies, has 62,000 customers worldwide.

Transplace solutions reduce transportation costs, improve service, automate processes, saving time and labor.

Given the growing demand for technology solutions in commerce, the acquisition of Transplace is a promising asset for Uber Freight.

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