The Canadian logistics network platform provider provider Descartes today said it has made its 30th acquisition since 2016, buying the carrier fraud and cargo theft prevention firm MyCarrierPortal for $24 million, plus a potential additional $6 million in performance-based bonuses.
Atlanta-based MyCarrierPortal, a provider of carrier onboarding and risk monitoring solutions for the trucking industry, is formally known as Assure Assist Inc.
The firm says its solutions help freight brokers and shippers quickly set up carrier requirements through an onboarding platform that gathers information on carriers and screens them for suitability to deliver loads/shipments based on the broker’s risk and compliance criteria. For example, truck carriers are screened for legitimacy, insurance compliance, and an acceptable safety record. Carriers that are onboarded to the platform are monitored on an ongoing basis to help ensure continued compliance. And if a carrier falls out of compliance, the customer is notified to take appropriate action with that carrier.
“Carrier fraud and cargo theft is an ongoing problem in the transportation industry. This acquisition is another investment to help enable improved Know-Your-Carrier (KYC) capabilities that are critical to improve supply chain performance and fraud reduction,” Dan Cicerchi, General Manager of Transportation Management at Descartes, said in a release. “We actively connect with hundreds of thousands of carriers and thousands of brokers and shippers. Many of these participants have expressed their desire for us to further extend our investments in fraud prevention. The combination of MCP and our Descartes MacroPoint FraudGuard tool presents a differentiated solution for our customers to efficiently onboard carriers while enhancing visibility and compliance, and reducing fraud risk.”
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