Friday, May 3, 2013
Descartes acquires KSD Software
Logistics software provider Descartes Systems Group acquired KSD Software Norway AS, a Scandinavia-based company that offers electronic customs filing solutions for the European Union. KSD brings more than 1,300 customers to Descartes' Global Logistic Network.
The all cash purchase price was $33 million, and Descartes used approximately $13 million of cash on hand and $20 million from a line of credit to complete the acquisition.
Technology partners Descartes and KSD help clients manage EU customs compliance, which involves a diverse group of member states with different regulations, languages and systems.
"With approximately $10 million of annual recurring revenues that are core to our combined businesses, KSD adds scale for Descartes to serve the wider logistics community," said Edward Ryan, CEO at Descartes.
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