CHICAGO, Sept. 27, 2022 (GLOBE NEWSWIRE) — Leading supply chain visibility company FourKites today announced a $10 million investment in Mitsui & Co., Ltd. to expand FourKites offerings in the APAC region. This investment marks the first phase of an ongoing strategic relationship between FourKites and Mitsui, which the two companies intend to formalize by the end of the year.
Mitsui’s investment in FourKites is the culmination of a year-long effort between the two companies, which included extensive due diligence by Mitsui on the supply chain visibility landscape. Given FourKites’ market-leading offerings and proven track record in the region, Mitsui plans to invest significant resources to expand FourKites’ coverage in APAC, including sales, customer service, operations and product localization, which will result in a hyperlocalized solution. for the APAC market. The strategic partnership will initially focus on Japan, with plans for joint expansion in APAC.
Mitsui is the latest industry giant to support FourKites, following strategic investments from FedEx, Zebra Technologies, Volvo Group Venture Capital AB and Qualcomm Ventures, LLC, in the past two years. Mitsui, a global conglomerate with 16 business units in 63 countries, uses its global operating locations, networks and information resources to pursue business multilaterally ranging from product sales, global financing and logistics, international infrastructure development and more.
“We are excited to partner with FourKites to bring better supply chain visibility and efficiency to operations across all industries and all APAC countries,” said John Kenichi Kogiku, General Manager of the Digital Solutions Business Division at FourKites. Mitsui. “FourKites and Mitsui share a culture of innovation, integrity and collaboration, and a broader vision to transform global supply chains. We look forward to working with FourKites to achieve our mutual goals through digitization and automation.”
The joint venture with Mitsui is the latest strategic move in FourKites’ expansion in the APAC region. The company currently tracks international shipments in 44 countries and territories in APAC, and in the last 12 months, FourKites has seen:
- 240% growth in tracked shipments
- 91% growth in new APAC customers
- 70% growth in the number of carriers tracking cargo in APAC
- 30% growth in the number of ports tracked in APAC, now totaling 270 ports in the region
- 315% growth in the number of installs tracked in APAC, now numbering 7,000 installs
“As a global logistics hub, APAC companies are making significant investments in supply chain transformation,” said FourKites Founder and CEO Mathew Elenjickal. “Given this growth trajectory, we are honored that Mitsui has selected FourKites as a partner to bring unprecedented levels of visibility to the APAC region. We are delighted to welcome Mitsui to our powerful network of strategic investors working together to revolutionize supply chains around the world.”
Mitsui’s investment in FourKites comes on the heels of several major strategic investments from major corporations that have invested in the company to power the future of digital supply chains. In June, FourKites announced a strategic investment from FedEx, which the company will leverage to develop four x comets, an enhanced visibility platform that transforms global supply chains with data insights from both companies’ networks. In 2021, FourKites announced strategic investments from Qualcomm Ventures, LLC, Volvo Group Venture Capital AB and Zebra Technologies, where industry leaders are working together toward automated, interconnected and collaborative global supply chains, spanning transportation, warehouses, stores, trucks and more.
Major supply chain visibility platform four kites® extends visibility beyond transportation to yards, warehouses, stores, and beyond. Tracking more than 2.8 million daily shipments by road, rail, sea, air, parcel and courier, and reaching more than 200 countries and territories, FourKites combines real-time data and powerful machine learning to help companies to digitize their end-to-end supply chains. . More than 1,100 of the world’s most recognized brands, including 9 of the top 10 CPG companies and 18 of the top 20 food and beverage companies, trust FourKites to transform their business and create more agile, efficient and sustainable supply chains. . For more information, visit https://www.fourkites.com/.
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio spanning approximately 63 countries in Asia, Europe, North, Central and South America, the Middle East, Africa and Oceania. Mitsui has around 5,500 employees and deploys talent around the world to identify, develop and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio spanning the metal and mineral resources, energy, machinery and infrastructure, and chemicals industries.
Leveraging its strengths, Mitsui has further diversified beyond its core earnings pillars to create multifaceted value in new areas, including innovative energy solutions, healthcare and nutrition, and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by tapping into some of the world’s top megatrends: sustainability, health and wellness, digitization, and the growing power of the consumer.
Mitsui has a long heritage in Asia, where it has established a diverse and strategic portfolio of businesses and partners that gives it a strong differentiating advantage, provides exceptional access for all global partners to the world’s fastest growing region, and strengthens its portfolio. international. For more information on Mitsui & Co.’s business, please visit www.mitsui.com.
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