WiseTech Global, developer of leading cloud-based logistics execution software CargoWise, today announced the acquisition of Bolero.net Limited (Bolero) and its subsidiaries, a leading provider of electronic Bills of Lading (eBL) and digital documentation capabilities to facilitate global trade.
Headquartered in the United Kingdom and with over two decades of experience, Bolero offers fully digital solutions for carriers to digitize Bills of Lading, creating eBLs that can be transmitted, endorsed and presented electronically to port authorities, customs, financial institutions, logistics partners and other parties. This removes rekeying of paper-based and scanned documents with accurate, efficient digital documentation. All parties to the transaction can securely monitor progress and access information about ownership, progress and payment throughout the supply chain life cycle.
With a network of more than 200 carriers across the globe and some of the world’s biggest financial institutions directly connected, the vision for both WiseTech and Bolero is to enable end-to-end, digital first trade documentation. This will allow for straight through processing of all data, converging the physical supply chain with digital financial and trade documentary requirements while offering a single view for all supply chain participants, including manufacturers, cargo owners, carriers, banks and service providers.
Richard White, Founder and CEO at WiseTech Global, said: “As the logistics industry continues to move toward digitization, the need for paperless solutions that provide end-to-end execution and visibility are critical. We see tremendous synergy in combining Bolero’s capabilities within the CargoWise ecosystem, creating seamless end-to-end digital workflows. The Bolero team’s knowledge and technology stack will be connected directly into the CargoWise ecosystem to provide benefits to existing CargoWise customers through the provision of leading eBL, digital documentation workflows and the digital connection to banking and settlement services.
“Our shared commitment to develop digital capabilities that enable and empower global trade means together we will continue to provide our customers with solutions to meet the future needs of the industry. We are excited to welcome Bolero into our global WiseTech team.”
Andrew Raymond, CEO of Bolero, said: “Joining the WiseTech Global group is a natural progression for our business, and a huge step forward for fully digital supply chain documentation, facilitating safer, smarter and faster global trade. Bolero has a proven track record with importers, exporters, ocean carriers, major banks, and port terminals. We are excited by the opportunity to enhance the leading CargoWise ecosystem and provide some of the world’s largest logistics service providers and carriers with digital documentation solutions. We remain committed to our long-standing customers and partners and continuing to enhance our solutions with the product development and innovation strength of WiseTech.”
Established in 1998 by SWIFT and the global logistics and insurance industry, Bolero International has built a formidable reputation and market leadership position in driving the digitization of global trade. Bolero delivers secure, end-to-end, cloud-based services across the global supply chain by digitizing trade processes and transactions. For more information about Bolero, visit www.bolero.net.