Descartes New Owner of Tradevision AB
Tradevision AB, a European provider of global connectivity and value-added software solutions for transportation logistics, announced that The Descartes Systems Group Inc., (Nasdaq:DSGX), (TSE:DSG), the leading provider of network-based logistics management technology, has acquired a majority interest in Tradevision AB.
Descartes will connect the Tradevision air cargo messaging network to the Descartes Global Logistics Services Network – a logistics messaging service with current reach to more than 5000 transportation service providers, manufacturers, distributors and retailers. With access to Tradevision´s messaging services, participants of the Descartes Global Logistics Services Network will be able to more rapidly and cost effectively connect to and exchange messages with more logistics partners throughout Europe. This includes access to more air carriers and freight forwarders throughout Scandinavia, Finland, Great Britain, Germany, Switzerland, the Baltic States and Poland.
“Through our relationship with Tradevision, we have strengthened the presence of the Descartes Global Logistics Services Network in Europe,” said Willem Galle, President and COO at Descartes. “As a central logistics messaging hub for Europe, Tradevision will provide European-based companies with more domain expertise and points of presence to access the Descartes Network, helping them gain a time-to-benefit advantage for managing their international logistics processes.”
Descartes acquired the majority interest in Tradevision AB from Nocom AB, an IT company headquartered in Sweden. The acquired shares represent Nocom`s entire holdings in Tradevision, or 70 percent of all shares in the company. Descartes also acquired certain indebtedness of Tradevision to Nocom. The transaction was completed this month for approximately USD 2.54 million. Tradevision becomes a subsidiary of Descartes and continues to operate as an independent company.
The investment in Tradevision will not have a material impact in the fourth quarter of fiscal year 2002, and is expected to have a neutral impact on earnings in fiscal year 2003. Descartes will provide guidance for fiscal 2003 in its fourth quarter and year end conference call.
Established in 1981, The Descartes Systems Group Inc. (Nasdaq:DSGX) (TSE:DSG) is the leading provider of network-based logistics management technology. Known as the trusted provider of logistics solutions, Descartes delivers software and network-based services that drive operational efficiency, customer responsiveness and precision for purchasing logistics services to over 5000 active manufacturers, distributors, retailers, and logistics service providers. Descartes is a global company with international customer support, and offices and resellers located throughout the Americas, EMEA (Europe, Middle East and Africa) and Asia-Pacific. For more information, visit www.descartes.com.
For more details, please contact:
Clas Strååt, Tradevision, Chief Executive Officer
Phone: +46 8 508 882 36
Mobile: +46 708 66 10 43
E-mail: [email protected]