WiseTech Global (ASX:WTC), developer of leading logistics execution software CargoWise, today announced the acquisition of Shipamax, an industry-leading provider of data entry automation software for the logistics industry.
Founded in 2016 and headquartered in the United Kingdom, the Shipamax platform focuses on document data extraction and automating the full operational workflow. Shipamax uses AI and machine learning to convert unstructured data (e.g. PDFs, scans, images) direct from various sources, including emails, into machine-readable formats. The data is then used to automate manual tasks such as creating and managing forwarding and customs brokerage jobs and processing accounts payable invoices.
With no human input needed, documents are automatically ingested by Shipamax, providing scalable document processing to reduce error, ensure compliance, and increase visibility.
Richard White, Founder and CEO at WiseTech Global, said: “Data is at the core of any logistics business and data integrity is paramount. Through our CargoWise platform, we have created integrated processes to ensure data is entered only once, reducing risk of incorrect re-keyed data, time and resource effort, and costs associated with data exchange. With Shipamax, this capability extends the CargoWise ecosystem by automating the ingestion of inbound documents into operational data in CargoWise. Integrating and embedding Shipamax into the CargoWise document engine will provide customers with unparalleled, rigorous, and accurate data and remove document management and operational cost at increased speed and accuracy. Additionally, real-time data processing will increase exceptions handling and streamline decision making.
“Digital documents and straight through digital processing is a key development priority in our business strategy. Combined with our recent acquisition of eBL and electronic trade finance provider Bolero, Shipamax’s deep automation, machine learning, and data visualization will bring CargoWise customers increasing levels of fully digital documents and drive a fully digital workflow that will become increasingly critical in a paper-free future. We have a clear vision to be the operating system for global logistics, and we are delighted to have the Shipamax team join us to help enable this important goal.”
Jenna Brown, CEO of Shipamax, said: “Since founding Shipamax in 2016, our mission has been to make data entry automation simple and accessible. Using Shipamax, businesses can drastically reduce their data entry costs. More importantly, it delivers the visibility, speed and process improvements that are required in today’s world.
“By joining the WiseTech Global team, we’re scaling our business via an unparalleled, native integration to the CargoWise platform as well as WiseTech’s large, loyal customer base. We’ll supercharge value to our existing customers through an increased focus on innovation and product development towards full digitalization of document flows.”
Source: Hellenic Shipping News
