Companies of different varieties are looking to bring technology as mainstream advancements in the $700-billion trucking industry. Perhaps in the vein of financial technology being dubbed fintech and medical technology being shortened to medtech, this evolution will be coined logtech, movetech, freightech or the like.
Uber Freight, Convoy and even Amazon (NASDAQ:AMZN) were companies we recently wrote about as they look to make their mark on the space. Calgary-based Trakopolis (TSX-V:TRAK) is an upstart emerging in the space, as it reworks a logistics platform and gains a new partner.
The diversified Software-as-a-Service company has a portfolio of protected, cloud-based solutions for a variety of real-time tracking, data analysis and asset management applications across an array of sectors, including oil and gas, urban services, mining, transportation and more.
Trakopolis' latest efforts involve "MoveitOnline," a platform incorporating load-sharing technology developed by Trakopolis. The platform is being overhauled and enhanced for relaunch by Mullen Group (TSX:MTL), an Okotoks, Alberta-based owner of independently operated businesses with a specialization in trucking and logistics.
Mullen wants MoveitOnline upgraded for the purpose of creating a real-time freight exchange hosted on Microsoft Azure, the popular enterprise-grade cloud computing platform.
To that end, the bigger company made a "strategic investment" of an undisclosed amount in Trakopolis, as announced today by Trakopolis. Mullen SVP Richard Maloney only said that the Trakopolis' expertise in load sharing and mobile technology was a deciding factor in the investment.
Trakopolis CEO Brent Moore noted that his company is excited to work with Mullen "to revolutionize real time load sharing processes across Mullen's numerous business units" and building a logistics ecosystem across the U.S. and Canada.
Shares of TRAK were up 10% to 99 cents, hitting their highest level this month on the news. Shares of MTL are ahead 2.2% at $15.54 with about 90 minutes left in the trading day.
Yesterday, Mullen Group said, to no fanfare, that it closed its acquisition of privately-held RDK Transportation Co., agreeing at the same time of closing to buy RDK's facility in Saskatoon.
