Freightlancer, a subsidiary of Freelancer Limited (ASX: FLN) (OTCQX: FLNCF) announced that it acquired Loadshift, a heavy haulage transport marketplace based in Australia.

The purchase price of the transaction was AUD 7.7 million (USD 5.9 million).

Founded in March 2007 by entrepreneur Phil Callaghan, Loadshift has grown to be Australia’s ‘largest online heavy haulage freight marketplace’ with 68,837 freight requests (up 26.8%) for 85.8 million kilometres of freight requested in 2020 and over 73,000 loads posted in the last twelve months.

In FY20, Loadshift’s EBITDA was approximately AUD 766,000 (USD 0.5 million).

According to SIA’s 2020 Gig Economy and Talent Platforms research report, Freelancer Limited is the 14^th largest talent platfoirm globally based on annual gross spend. Freelancer owns 53% of Freightlancer which it launched in 2018.

At the same time, Freightlancer also announced it received a AUD 3.7 million (USD 2.8 million) investment from Wes Maas, CEO and founder of Maas Group Holdings, a diversified industrials group and Tom Cavanagh, CEO & founder of EMS Group (now a division of ASX:MGH), a specialist in machinery hire, sales, repairs and rebuilds to support underground mining and tunnelling and others. Startive Ventures, a venture fund focused on global technology and Internet start-up opportunities also participated in the round.