Significant demand pushes WiseTech raise up $50 million, closes at $300 million

Written on the 20 March 2019 by Business News Australia

Significant demand pushes WiseTech raise up $50 million, closes at $300 million

Shareholders hungry for a slice of logistics software giant WiseTech (ASX: WTC) has pushed its capital raise up from $250 million to $300 million.

Announced yesterday, the raise by one of the fastest risers in this year's Sydney's Top Companies List is intended to assist the company with its growth plans.

At the close of the placement WiseTech founder and CEO Richard White (pictured) says he is excited by the interest in the company.

"We are energised by the incredibly strong support shown by both existing, and new high-quality, institutional investors for WiseTech," says White.

"This capital will add further strength to our balance sheet, our vision of digitally empowering and enabling the global logistics industry and will increase the capacity to accelerate our long-term organic growth, through relentless innovation and the acquisition of strategically valuable assets in important new geographies and key adjacencies."

Founded and led by former music industry executive Richard White, WiseTech Global (ASX: WTC) has become a leading logistics software empire through proven technology and a strategy of absorbing similar founder-backed enterprises in the sector.

Since FY17, WiseTech has been increasing its focus in areas such as specialist warehousing, global multi-modal rates management, global shipping, domestic transport, landside logistics and global data sets.

WiseTech consistently invests more than 30 per cent of its annual revenues and half its global workforce in development and innovation, and has added 3,000 product upgrades and enhancements to its global platform in the last five years alone.

"We continue to invest our resources into in-application machine learning, natural language processing, process automation and guided decision support, driven by vast volumes of transactional, carrier and border agency data sets to enable enhanced productivity, automation, visibility, predictability, compliance, due diligence, risk assessment and risk mitigation," says White.

Shares in WiseTech are down 5.09 per cent to $21.99 per share at 11.23am AEDT.

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