Container tracking technology company Traxens reports that it has completed a new financing round raising €23 million, providing the funding to proceed with an acquisition of fellow French company NEXT4, a supplier of removable and reusable shipping container trackers.
The two companies will jointly market and develop their complementary tracking systems and software applications to offer support for improved shipment scheduling, collaborative risk management and analysis for the container shipping sector.
Traxens’ Internet-of-Things (IoT) technology delivers data for management of assets in transit anywhere in the world. In addition to tracking container geolocation, it detects shocks and monitors temperature and humidity, as well as the open-or-closed status of container doors.
NEXT4 provides trackers that can be affixed to containers from point of origin to the final destination, offering real-time data on the status and location of goods via sensors inside the containers.
NEXT4 will operate as a wholly owned subsidiary of Traxens following the deal and will remain at its headquarters in Toulouse. The company’s founder Cédric Rosemont will continue as CEO, while also becoming Traxens’ Chief Marketing Officer.
“Integrating NEXT4 into our company dramatically increases our ability to serve the growing needs of our customers as they digitise their business processes, while adding freight transparency, cargo security and goods integrity,” said Traxens CEO David Marchand.
“We will bring to the market a comprehensive portfolio of solutions that gives our customers the flexibility to choose between a permanent or removable tracker, which is a unique option in our target markets.”
Traxens’ €23 million financing round follows a Series C funding round of approximately €20 million completed in 2019.
