Digital freight forwarder Ofload buys CIA Logistics after notching 500pc revenue growth

After 35 years in business, Port Melbourne-based freight specialist CIA Logistics will be absorbed by logistics startup Ofload for an undisclosed sum.

The move represents Sydney-based Ofload's first acquisition since it was founded almost three years ago, and comes more than nine months after $20 million was raised in a Series A backed by investors including King River Capital, Flexport, Bay Grove, Maersk Growth, Global Founders Capital, Flash Ventures and Foundamental.

At the time - and with a valuation of more than $100 million - Ofload flagged its intentions to recruit more than 100 new team members to the business specialising in trucking fleets and optimising road freight. Since then it has reported 500 per cent year-on-year revenue growth.

Read More: https://www.businessnewsaustralia.com/articles/digital-freight-forwarder-ofload-buys-cia-logistics-after-notching-500pc-revenue-growth.html