“Our product-led approach and focus on our 3P strategy has enabled us to continue to deliver strong top-line growth and drive significant operating leverage.”
WiseTech said it expected annual revenue at the top end of the $600 million to $635 million guidance range provided to investors in February.
This month, WiseTech acquired UK-based Bolero.net, a provider of digital documentation used to facilitate global trade.
Bolero develops digital bills of lading, documents issued by carriers to acknowledge they have received cargo for shipment. The technology strips out paper-based and scanned documents, with all parties in the transactions able to securely monitor the supply chain life cycle.
WiseTech declined to say how much it paid for the UK company.
Bolero’s technology will be absorbed into the CargoWise system – WiseTech’s marquee logistics product.
WiseTech’s recent success has been pinned on the global supply chain undergoing a digital transformation, as well as an e-commerce boom turbocharged by international lockdowns and home delivery.
Global freight providers have demanded new systems to increase productivity, planning, visibility and control as international ports experience mounting bottlenecks and capacity constraints, WiseTech has previously reported.
Consolidation between the major players such as DHL, DSV, CEVA Logistics, Kuehne + Nagel, and JAS Worldwide throughout 2021 also offered a prime time for new system implementation, which WiseTech has taken advantage of.
The company’s earnings have steadily risen over the past 12 months, but its share price has been caught up in the widespread disdain for technology stocks, though it hasn’t been sold off nearly as heavily as some.
WiseTech shares are down almost 26 per cent this year, having fared relatively well compared to many stocks caught out by the wider tech sell down.
They have more than doubled in price over the past two years after shrugging off a short seller attack from Hong Kong-based hedge fund research firm J Capital which sought to discredit the company’s acquisition-led growth strategy.
The company is often compared to its WAAX contemporaries, Appen, Altium and Xero.
As interest rates rise and SaaS models are put under pressure, Appen, Altium and Xero have also experienced heavy selling pressure.
