Freelancing and crowdsourcing marketplace Freelancer has acquired Channel 40, an enterprise marketplace connecting freight owners and transport operators.
Simultaneously with the acquisition, the company announced the launch of Freightlancer.com, a global marketplace for freight, shipping and transportation spanning from complex enterprise haulage to consumer metro deliveries.
The terms of the asset sale were not disclosed, however the company said the deal was a combination of cash and stock in Freightlancer Holdings.
Channel 40 primarily services the construction, mining, tunnelling, rail and oil & gas industries, with over 6,000 freight operators in its marketplace. In the last 12 months, Channel 40 has shipped over $4.5 million of freight within Asia Pacific, as well as internationally to the United States and Europe.
Channel 40 was started in 2016 by mining executive Tom Cavanagh, who also founded and is CEO of EMS Group, one of Australia’s largest underground mining and tunnelling service providers.
Freelancer CEO Matt Barrie said, “Today we are excited to announce both the acquisition of Channel 40 and the launch of Freightlancer, our global marketplace for freight, shipping and transportation. Freightlancer is powered by the world’s largest network of 30 million freelancers, our rapidly growing enterprise division and our global payments business Escrow.com”.
Channel 40 CEO Josh Mullens said, “We are thrilled to be joining Freightlancer. Our business and global domain expertise in transportation, shipping & logistics combined with the global scale of the Freelancer and Escrow businesses is a phenomenal combination.”