Project44, a provider of supply chain visibility services, has acquired Ocean Insights, specialists in ocean freight intelligence.
In a statement, the company said it has acquired Ocean Insights to expand its ocean solution by adding the broadest container tracking capabilities in the market, as well as one-of-a-kind sailing schedule and ocean analytics products.
Combining Ocean Insights’ tracking and analytics with the project44 platform and ecosystem establishes project44 as the clear market leader with an unrivaled set of multi-modal solutions for end-to-end supply chain visibility, it said.
Surging global trade since the outset of the pandemic has resulted in massive disruptions in the global supply chain. Since March 2020, freight rates increased by as much as 174% due to the increased global demand for electronics, PPE goods and stay-at-home consumer products.
At the same time, COVID-19 and other restrictions have caused significant port congestions, and rollover percentages have never been higher. To meet these global challenges and build resilience, supply chain leaders are adopting global freight visibility and digitalization.
While most visibility providers depend on third parties for ocean tracking data, Ocean Insights has built native integrations with shipping lines to ingest data directly from the source, giving customers the richest visibility across global containerized ocean shipments.
Ocean Insights also offers unique data analytics, providing customers advanced insight into unforeseen events and overall shipping trends.
Ocean Insights customers include International Food Group (Sysco), Pernod Ricard, FourKites and other leading enterprises in automotive, manufacturing, food & beverage, commodity trading, chemical and freight forwarding. Many already leverage both Ocean Insights and project44 such as DB Schenker, Hellmann Worldwide Logistics, Kuehne + Nagel, Lenovo, and Mondi Group.
Jett McCandless, Founder and CEO of project44, said, “Ocean freight is a linchpin for global supply chains. For organizations shipping internationally, the lack of ocean visibility can start a costly domino effect throughout the supply chain.
“Ocean Insights has dominated the container tracking space and we look forward to providing the industry not only the best ocean capabilities, but also the most comprehensive end-to-end visibility platform.”
Felix Richter, CEO and CTO of Ocean Insights, also commented, “At Ocean Insights, our mission has been to make supply chain data visible and actionable through best-in-class software and our team of experts.
“Joining project44 is the next natural step to building the multi-modal visibility solution that global supply chains need. By combining the expertise and technology of project44 and Ocean Insights, shippers and logistics services providers will unlock predictive insights across the globe.”
Today, project44 offers the world’s largest over-the-road carrier network with connections to more than 800 ELD/telematics devices. With project44’s leading over-the-road, rail, and air visibility solutions, the acquisition will expand ocean visibility capabilities and offer the most complete, end-to-end, global and multi-modal supply chain visibility solution.
