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Update: Descartes Systems Group Edges Down in Early Trade Following Purchase of Germany-Based Portrix Logistics Software

05/10/2021 06:03

09:57 AM EDT, 05/10/2021 (MT Newswires) -- Descartes Systems Group (DSG.TO, DSGX) dropped 1.8% in Toronto in early Monday trading, hours after it said it has acquired Hamburg, Germany-based Portrix Logistics Software for about 22 million euros (US$26.8 million) in cash.

Portrix operates Global Price Management, which is used by logistics services providers for global shipment routing, pricing, rating and capacity allocation management.

"Portrix's solutions integrate with key systems that need fast, accurate, and complete shipping and pricing options, including CRM, transportation management, and customer-facing online booking platforms, such as Descartes Kontainers," Ontario-based Descartes Systems said.

Descartes Systems also dropped 1.3% in New York at last look.

Price: 73.37, Change: -1.14, Percent Change: -1.53