The acquisition extends Descartes' warehouse and inventory management capabilities while deepening its reach into the 3PL and eCommerce fulfillment market.
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Compared with 2022, TEU volume was down 16.1% in June, but up 6.0% from pre-pandemic June 2019, according to Descartes.
Fiscal 2023 4Q revenue was $125.1 million, up 11% from $112.4 million in fiscal 4Q 2022, the company said.
Descartes acquired GroundCloud for up-front consideration of approximately $138 million, satisfied with cash on hand.
Descartes' purchase includes potential performance-based consideration.
'XPS complements our significant recent investments in the e-commerce fulfillment and shipping space,” Descartes’ CEO says.
