PSA Makes Strategic Supply Chain Acquisition
Global port operator PSA International (PSA) has become a majority shareholder in Singapore-based solutions company CrimsonLogic in a deal that is designed to improve supply chain efficiencies.
CrimsonLogic, which has experience in facilitating trade and cross-border regulatory transactions, will look to grow in key emerging markets by tapping into what it cites as PSA’s “commercial acumen and resources”.
PSA also made the acquisition, which means it now holds a 70% share of the company, to support its multi-modal logistics supply chain.
In April 2018, it launched a digital platform to enable effective cross-integration of physical regulatory and financial process to help shippers and logistics service providers coordinate cargo logistics.
Enterprise Singapore Holdings, from which PSA bought shares in CrimsonLogic, will retain its 30% share.
Commenting on the purchase, Tan Chong Meng, Group CEO of PSA, said: “We look forward to supporting CrimsonLogic’s new phase of growth as a world-class company at the forefront of revolutionising next-generation B2B and B2G integrated trade facilitation platforms.
“In alignment with our partner Enterprise Singapore, we aim to work with associated government agencies, cargo owners, logistics service providers and trade finance players to integrate and build a conducive and vibrant community which can work together to revolutionise supply chain fulfilment and orchestration.”
Eugene Wong, Chairman of CrimsonLogic, said: “After 30 successful years, CrimsonLogic is ready to enter the next phase of our transformation.
“We are very excited and encouraged by PSA’s increased commitment to CrimsonLogic. Looking forward, we will be able to leverage the network, experience and domain knowledge of both organisations to better drive trade, logistics and digital government initiatives globally.”