Global logistics software group, WiseTech Global has announced the acquisition of Ready Korea, a customs, bonded warehouse and trade compliance solutions provider in South Korea.
Headquartered in Seoul, Ready Korea offers a cross-border compliance solution, which facilitates the lodgement of electronic transactions to the Korean Customs Service, including customs brokerage and refunds and Free Trade Agreement verification, along with bonded warehouse management.
Ready Korea also provides a trade administration solution to facilitate the generation and submission of electronic import/export documentation. Customers of Ready Korea include FedEx, Bayer Korea, Korea 3M Corporation, Samsung, Siemens, Johnson & Johnson, and many other organisations.
WiseTech Global Founder and CEO, Richard White, said “As the 8th largest export market and 10th largest import market in the world, South Korea plays a key role in Asia’s, and the world’s, supply chains. Bringing Ready Korea’s regional customs and trade management expertise into the group now expands our innovation and development capabilities in this important region as we continue to build-out our global customs footprint. This is a further step in strengthening our international reach deeper across Asia and together we will develop even more productive and valuable cross-border logistics solutions for our regional and global customers.”
WiseTech Global Head of Corporate Development, Vlad Bilanovsky, said “Ready Korea is a leading customs and trade compliance provider in South Korea and an official partner of the Korean Customs Brokers Association. Together we will create cross-border logistics management benefits for companies trading with South Korea and improve productivity potential for co-ordinating trade flows in this region.”
Ready Korea Managing Director, Tom Kim, said “We are happy to become part of the WiseTech Global group which is well known around the world for its high growth, large global presence, powerful logistics solutions and development capabilities. We will work well together to improve logistics and we welcome this opportunity for our people, South Korea and our customers.”
Remaining under the leadership of Tom Kim, Ready Korea’s operations will be integrated within the WiseTech Global group and Ready Korea will continue to deliver its customs and trade management solutions directly to its own customers, along with CargoWise One over time.
CargoWise One global platform enables logistics service providers to execute highly complex transactions in areas such as freight forwarding, customs clearance, warehousing, shipping, tracking, land transport, ecommerce, and cross-border compliance and to manage their operations on one database across multiple users, functions, countries, languages and currencies.
This transaction follows WiseTech’s other recent logistics solutions acquisitions in Argentina, Australasia, Belgium, Brazil, Canada, France, Germany, Ireland, Italy, the Netherlands, North America, Norway, Spain, Sweden, Taiwan, Turkey, the UK and Uruguay, and is in line with WiseTech Global’s clearly stated strategy of accelerating long-term organic growth through targeted, valuable acquisitions.