Minnesota-based C.H. Robinson Worldwide Inc has announced the acquisition of Freightquote. Freightquote, an online freight broker based in Kansas City, MO, was founded in 1999. The privately-held company reported 2013 revenues of $600 million and employs about 1,100 people. Projected 2014 revenues are $623 million. Freightquote’s proprietary technology allows shippers to find and compare shipping rates online. It also works with freight companies to help them find freight customers in markets where they have idle equipment.
C.H. Robinson is one of the world’s largest providers of third-party logistics. The company reports revenue of $12.8 billion and has more than 11,000 employees in North America, South America, Europe and Asia.
Plans are to continue the Freightquote brand and to expand the Kansas City operations.
The selling price was $365 million cash.