The Canadian Press
WATERLOO, Ont. - Descartes Systems Group (TSX:DSG) is making two acquisitions in the United Kingdom to bolster its services for the global logistics and transportation industries.
E-Customs Inc. provides electronic security and electronic document services to comply with U.K. filing requrements.
Pentant Ltd. offers systems that handle customs documentation and inventory control for ocean, truck and air cargo for several U.K. ports and airports.
The total upfront cost of the two acquisitions is about US$11.8 million, with provisions for Descartes to make additional performance-related payments.
E-Customs and Pentant were previously independently operated companies under the common control of several private companies in the United Kingdom.
Descartes, based in Waterloo, Ont., provides a global network that provides tools and services for air, land and water-borne carriers, logitistics companies and their clients.
It will pay 5.8 million pounds, or about US$9 million, for E-Customs plus up to about US$1.2 million over the next year of certain targets are met. It will pay 1.8 million pounds, or about US$2.8 million, for Pentant plus up to $400,000 in additional payments.