Reported by Hassan Mohammad Zaman
Have you heard this news? For an unveiled amount uShip Inc., has acquired a Scottish company Boxby Ltd.
uShip Inc. is an Austin based private company, categorized under Online Service Providers. Contemporary guesstimates shows, this company has annual revenue of 2,400,000.
After acquisition, uShip has established a new European headquarters in Amsterdam, Netherlands, according to the officials of uShip.
Boxby, was founded in 2007. It links up movers with their potential customers. Furthermore, it has registered 2,500 movers on its website, according to the company officials.
UShip is a global online marketplace for providing shipping services. It was established in 2003 and introduced its website in 2004. It attained its profitability during 2008 and has surpassed all its projected landmarks and targets. The company also exercises a feedback rating system for both the service providers and customers. The company doubled its revenue compared with 2008 and it has planned to inflate its business internationally in some other countries i.e. Europe, Canada and Australia, according to CEO Matt Chasen.
Customers, users and movers post their listings on the uShip website for free of cost. Movers bid to move a user’s goods, and then the user picks a mover. uShip generates proceeds and returns by taking a tiered-based share of the moving fee. According to the Chasen, that share can vary from 0.9 percent to 12.9 percent, depending on the price.
In late 2009, the company had employed 50 members of staff and during its first five years of business it has covered $125 million worth of transactions, officials said.
From Benchmark Capital (California-based), uShip obtained $5 million to $10 million during two financing rounds in 2005 and 2006, according to Austin Business Journal.
UShip has many competitors in the state, including eMove.com.; Freightquote.com and Hitchpack Shipping Exchange Inc.
In 2008, after two years of beta testing and a reverse merger one potential competitor commenced its business i.e. RedRoller Inc., (Connecticut-based). But afterward it was filed for bankruptcy reorganization. Then it sold its assets to uShip.
Read the article on CRWEWallStreet.com.