FarEye acqui-hires logistics startup PY Technology
Delhi-based RoboticWares, which owns and operates SaaS logistics platform FarEye, has acqui-hired logistics technology startup PY Technology.
Financial terms of the deal were not disclosed.
The deal will help FarEye strengthen its solution engineering execution to increase value for customers and build an internal incubation cell, according to a statement.
Acqui-hire refers to a sale that is focused on employee talent, rather than the company’s services or products.
Previously known as PRTouch, PY Technology was founded by Jignesh Vasani in 2012. It develops enterprise resource planning (ERP) solutions for the logistic industry. The Mumbai-based startup offers end-to-end logistic technological solution, a cloud-based platform, warehouse management and a tracking transport system.
Post deal, Vasani will join FarEye as vice president of professional services, the statement said.
“Jignesh’s skills and experience would strengthen the services and engineering teams and increase value for our customers. Together we are aiming to drive innovation in the industry by solving the complex challenges that cost the supply chain and logistics industry trillions of dollars globally,” Kushal Nahata, CEO and co-founder of FarEye, said.
Founded by Nahata, Gautam Kumar and Gaurav Srivastava in 2013, FarEye is a SaaS-based logistics management platform that digitises the way enterprises dispatch, execute, track and optimise the movement of goods. The platform leverages data capabilities to predict the journey and improve delivery experience for a range of business sectors including B2B brands in food, grocery, furniture, pharmacy and carriers.
The solution is used by more than 150 customers, including companies such as DHL, Walmart, Amway, Domino’s and Hilti, across 30 countries.
The company recently announced plans to hire 100 technology professionals in India and North America in the year 2021 to capitalise on the demand for direct-to-home deliveries. It projects growth of 2.4x in financial year 2021 (FY20-21), with the United States being its fastest growing market.
Operated by Delhi-based RoboticWares, FarEye rolled out an employee stock ownership plan (ESOP) liquidation programme worth $739,000 in January. It was the first time that the company has offered liquidation of ESOPs. Under the scheme, eligible employees were able liquidate up to 35% of their vested ESOP shares.
Last year, the company had raised $37.5 million in a Series D funding round.