Descartes Systems Group acquired the logistics business of privately-held Oceanwide in an all-cash transaction for $8.4 million.
In addition to the cash paid for the company's assets, Descartes granted an option to purchase 40,000 Descartes common shares with an exercise price of $2.76 to Jonathan Wasserman, former chief operating officer of Oceanwide and now senior vice president, compliance solutions at Descartes
Oceanwide's logistics business is focused on a Web-based, hosted software-as-a-service model. It provides customs filing, automated customs broker interface, trade compliance and logistics management software.
Oceanwide employs approximately 45 people at offices in Montreal, Quebec and Miami, Florida. Descartes acquired all of Oceanwide's U.S. operations and certain Canadian assets and liabilities. The acquisition of Oceanwide's logistics business adds more than 700 participants to Descartes' Global Logistics Network, including a broad community of customs brokers. The acquisition strengthens Descartes' position in on-demand logistics management and customs filing.