Freightos Limited, and Nasdaq Listee Gesher I Acquisition Corp. (GIAC), a special purpose acquisition company, announced that they have entered into a definitive merger agreement that would see Freightos publicly listed on the Nasdaq under the ticker symbol FROS.

The combined entity, known as Freightos, with offices around the world, will have a pro forma enterprise value of approximately $435 million, according to a statement from Freightos.

The capital raised from the transaction will be invested to further scale the business, increase transaction value and improve margins, the statement said.

“Global freight transport is moving the world,” said Zvi Schreiber, Chief Executive Officer of Freightos Group. “Last year $22 trillion worth of goods crossed the border, but we have all seen what happens when shipping is not smooth, causing inventory shortages and rising prices that challenge businesses and consumers worldwide. This presents a huge opportunity. to one of the last major offline industries.

“Our combination with Gesher and access to public markets will enable Freightos to continue to aggressively scale our platform and lead the way as an international freight booking and payment tool of choice. This day represents new opportunities for the Freightos team around the world , whose dedication and dedication has made Freightos what it is today."

Existing shareholders of Freightos include FedEx Corporation, SGX Group (the Singapore Exchange), major airlines such as Qatar Airways, IAG Cargo, the cargo division of International Airlines Group (a leading airline group that includes British Airways and Iberia), LATAM Airlines Group, Bob Mylod (Chairman of Booking Holdings) and leading financial investors such as Aleph and MoreVC.

Existing Freightos shareholders are expected to own up to 78 percent of the combined company upon financing.

Freightos' management team will remain on with Zvi Schreiber as Chief Executive Officer and Ran Shalev as Chief Financial Officer.

The board of directors is expected to include Ezra Gardner, Chief Executive Officer of Gesher; Udo Lange, Chief Executive Officer of FedEx Logistics; Guillaume Halleux, Qatar Airways Chief Cargo Officer; Bob Mylo, Chairman of Booking Holdings; and industry veteran and CEO of ToolsGroup Inna Kuznetsova.