Descartes Acquires Foxtrot
April 21 2022 - 7:00AM
Descartes Systems Group (TSX:DSG) (Nasdaq:DSGX), the global leader
in uniting logistics-intensive businesses in commerce, announced
that it has acquired Foxtrot, a leading provider of machine
learning-based mobile route execution solutions.
Foxtrot’s advanced machine learning algorithms
leverage millions of data points collected from vehicles in the
field, helping customers reduce last-mile costs, improve customer
service and learn service factors that improve route efficiency and
on-time performance. The company’s technology complements existing
route planning and execution solutions.
"Descartes has been a leader in using advanced
technology to extend its world-class route planning and execution
solutions for more than 20 years,” said Ken Wood, EVP of Product
Management at Descartes. “Advances in artificial intelligence and
machine learning are making it possible for us to leverage
increasing amounts of ‘real world data’ to better inform our route
planning and execution solutions. By combining with Foxtrot, we’re
adding a team with deep domain expertise and proven technology that
will help accelerate our efforts in this area.”
"Foxtrot enhances our recent investment in
GreenMile, as both companies have extensive experience in the
retail food and beverage distribution vertical,” said Edward J
Ryan, Descartes’ CEO. “We also see an immediate opportunity to
leverage Foxtrot’s capabilities across our wider route planning and
execution solution suite. We’re thrilled to welcome the Foxtrot
employees, customers and partners into the Descartes family.”
Foxtrot is headquartered in San Francisco,
California. Descartes acquired Foxtrot for approximately $US 4.0
million, satisfied from cash on hand.
About Descartes Systems
Group
Descartes (Nasdaq:DSGX) (TSX:DSG) is the global
leader in providing on-demand, software-as-a-service solutions
focused on improving the productivity, performance and security of
logistics-intensive businesses. Customers use our modular,
software-as-a-service solutions to route, schedule, track and
measure delivery resources; plan, allocate and execute shipments;
rate, audit and pay transportation invoices; access global trade
data; file customs and security documents for imports and exports;
and complete numerous other logistics processes by participating in
the world's largest, collaborative multimodal logistics community.
Our headquarters are in Waterloo, Ontario, Canada and we have
offices and partners around the world. Learn more at
www.descartes.com.
Global Investor Contact Laurie McCauley
+1-519-746-6114 x202358investor@descartes.com
Cautionary Statement Regarding Forward-Looking
Statements
This release contains forward-looking
information within the meaning of applicable securities laws
("forward-looking statements") that relate to Descartes'
acquisition of Foxtrot and its solution offerings; the potential to
provide customers with cloud-based mobile route execution
solutions; other potential benefits derived from the acquisition
and Foxtrot’s solution offerings; and other matters. Such
forward-looking statements involve known and unknown risks,
uncertainties, assumptions and other factors that may cause the
actual results, performance or achievements to differ materially
from the anticipated results, performance or achievements or
developments expressed or implied by such forward-looking
statements. Such factors include, but are not limited to, the
expected future performance of the Foxtrot business based on its
historical and projected performance as well as the factors and
assumptions discussed in the section entitled, "Certain Factors
That May Affect Future Results" in documents filed with the
Securities and Exchange Commission, the Ontario Securities
Commission and other securities commissions across Canada including
Descartes most recently filed management's discussion and analysis.
If any such risks actually occur, they could materially adversely
affect our business, financial condition or results of operations.
In that case, the trading price of our common shares could decline,
perhaps materially. Readers are cautioned not to place undue
reliance upon any such forward-looking statements, which speak only
as of the date made. Forward-looking statements are provided for
the purposes of providing information about management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. We do not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in our
expectations or any change in events, conditions or circumstances
on which any such statement is based, except as required by
law.
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