- Freight Technologies, also known as Fr8Tech, has added to its house of brands with the introduction of Fr8Now, a platform focused on helping Mexico’s shippers to optimize cargo space when carrying multiple LTL loads
- Fr8Tech is positioning itself to be a cross-border go-to solution within North America for getting OTR commerce from point A to point B as efficiently and cost-effectively as possible
- The company’s flagship offering, Freight App, Inc. (or Fr8App), is a cloud-based freight-matching platform for cross-border and domestic shipping between the United States and partners within the United States-Mexico-Canada Agreement (“USMCA”) trade area
- Market analyst recommendations for Fr8Tech have trended toward “buy” or “strong buy” endorsements in recent weeks
Commercial shipping technology developer Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”) continues to build its brand portfolio, announcing March 16 the launch of less than truckload (“LTL”) freight-matching platform Fr8Now as a solution for helping shippers within Mexico to optimize their available cargo space when they aren’t carrying full truckloads.
“With our new platform firmly in place, we believe we are one of the first companies in Mexico to offer LTL digital solutions. We are confident that Fr8Now will be a game-changer for businesses looking to ship goods both in-country in Mexico and from Mexico to the exterior,” Freight Technologies CEO Javier Selgas stated in the March news release (https://ibn.fm/JdSVN).
“We offer a value-add to small businesses in Mexico seeking economic product distribution as well as small carriers seeking local distribution routes — so it’s a win-win solution on a number of fronts,” Selgas added. “These markets are already well developed in the US but we believe they are at a nascent stage in Mexico.”
Freight Technologies, also stylized as Fr8Tech, is welcoming Fr8Now to an interconnected family of brands that includes Fr8App, an artificial intelligence and machine learning solution that helps keep cross-border and domestic shipping moving productively within the United States-Mexico-Canada Agreement (USMCA, formerly NAFTA) trade area.
The company’s Fr8fleet digital platform helps large enterprise customers acquire dedicated truck transportation services and operations for a fixed fee. Fr8FMS is a fleet management system helping transportation companies reduce operational costs and provide better service to their customers.
Fr8Radar, Fr8TMS and Fr8Data provide additional shipper-related solutions.
Fr8Tech believes its new Fr8Now brand will break new ground by offering digital management of shipments in real time, using technology in a way that other market participants can’t at this time in Mexico.
Exports from Mexico to the United States in 2021 amounted to $386.25 billion in goods — the most recent year analyzed in the UN Comtrade Database (https://ibn.fm/fcZgJ). The amount marks an increase of nearly $56 billion over exports reported the previous year. Imports from the United States to Mexico rose more modestly from $212.67 billion to $221.31 billion during the period.
While Mexico’s commerce with Canada is much less than the goods exchanged between it and the United States, Mexico-Canada trade still rises into the billions of dollars — evidence of the importance of efficient cross-border trade.
Market analyst recommendations for the company have trended toward “buy” or “strong buy” endorsements in recent weeks, underscoring the consensus about the potential value of the company’s stock between market experts (https://ibn.fm/dEMKk).
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT
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