Freightlancer acquires freight marketplace Loadshift, receives investment from Maas Group founders, appoints new CEO.

Freightlancer, a subsidiary of Freelancer Limited (ASX: FLN) (OTCQX: FLNCF) acquires Loadshift, Australia’s leading heavy haulage transport marketplace.

SYDNEY, AUSTRALIA – News Direct – 25 May 2021 – Freelancer Limited (ASX: FLN) (OTCQX: FLNCF), the world’s largest freelancing and crowdsourcing marketplace by total number of users and jobs posted, today announced that it’s partially owned subsidiary, Freightlancer, acquired Loadshift, Australia’s largest heavy haulage freight marketplace with 85.8 million kilometers of freight requested in 2020.

At the same time, Freightlancer received $3.7 million investment from Wes Maas, CEO and founder of Maas Group Holdings (ASX: MGH, market capitalisation $1.2b), a diversified industrials group, Tom Cavanagh, CEO & founder of EMS Group (now a division of ASX:MGH), a specialist in machinery hire, sales, repairs and rebuilds to support underground mining and tunnelling and others. Startive Ventures, a venture fund focused on global technology and Internet startup opportunities also participated in the round.

Tom Cavanagh, an experienced executive in the mining & equipment industries as founder and CEO of EMS group is also joining Freightlancer as Chief Executive.

Founded in March 2007 by entrepreneur Phil Callaghan, Loadshift has grown to be Australia’s largest online heavy haulage freight marketplace with 68,837 freight requests (up 26.8%) for 85.8 million kilometres of freight requested in CY 2020 and over 73,000 loads posted in the last twelve months.

Loadshift

 
Figure: The group achieved 9.1 million kilometers of freight posted in March 2021

In FY20, Loadshift EBITDA was approximately $766k. The purchase price was $7.7 million.

Freelancer Limited owns 53% of Freightlancer Holdings Pty Ltd after the transactions closed.

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