Uber buys trucking software firm for $2.25 bn

Uber on Thursday announced a $2.25 billion deal to beef up its freight unit with the acquisition of a firm specializing in logistics management software.

Combining Texas-based Transplace with Uber Freight will create a huge, comprehensive transportation and logistics network, the companies said in a joint release.

"The acquisition will combine the world's premier shipper network platform with one of the industry's most innovative supply platforms," said Transplace chief executive Frank McGuigan.

"Our expectation is that shippers will see greater efficiency and transparency and carriers will benefit from the scale to drive improved operating ratios."

Uber Freight matches truckers with those looking to ship goods in much the way that the San Francisco-based company uses smartphone apps to pair drivers and passengers for ride-sharing.

The Freight unit has been steadily growing, according to quarterly earnings releases.

"This is a significant step forward, not just for Uber Freight but for the entire logistics ecosystem," said unit chief Lior Ron.

Ron contended that the acquisition will result in "an industry-first shipper-to-carrier platform that will transform shippers' entire supply chains, delivering operational resilience and reducing costs at a time when it matters most."

Uber is buying Transplace from private equity firm TPG Capital, with $750 million of the $2.25 billion purchase price coming in the form of shares in Uber Technologies, according to the companies.

Related Links
Car Technology at SpaceMart.com

Tweet

Thanks for being there;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Monthly Supporter
$5+ Billed Monthly

paypal only

SpaceDaily Contributor
$5 Billed Once

credit card or paypal

Ford, Lyft to collaborate on autonomous ride-hailing venture
Washington (AFP) July 21, 2021
Ford Motor Co. and ride-hailing group Lyft announced plans Wednesday to team up on an autonomous ride-hailing venture that will begin with pilot projects in Miami and Austin, Texas. Under the program Ford self-driving cars, with safety drivers, will be deployed on the Lyft network in Miami later this year and in Austin starting in 2022. The companies are planning to deploy at least 1,000 autonomous vehicles on the Lyft network in various locations over the next five years. Lyft will take a ... read more