Richard White plots $3.5bn US takeover as he seeks to strengthen WiseTech

WiseTech is ‘accelerating’ its acquisition spree, confirming it’s in talks to buy a US listed logistics software company for $3.5bn, as founder Richard White cements his authority and attempts to move on from a sex scandal.

WiseTech’s Richard White is plotting a $3.5bn takeover of US logistics software company e2open.

WiseTech is “accelerating” its acquisition spree, confirming it’s in talks to buy New York-listed logistics software company e2open, as founder Richard White cements his authority and attempts to move on from a sex scandal.

In a statement to the ASX late on Thursday, WiseTech – which has a market value of $31.2bn – said it was considering buying e2open, reportedly for up to $3.5bn. The ASX software giant said there was no certainty the transaction would proceed.

“Part of WiseTech’s strategy is to continue to accelerate its product development and ecosystem reach through a proactive acquisition program that includes strategically significant acquisitions as well as tuck-ins and foothold acquisitions,” the company said. “Consistent with this strategy, WiseTech continues to evaluate acquisition opportunities globally and confirms that it is participating in a strategic review process which was announced by e2open on March 7, 2024.

“Discussions are indicative and there is no certainty that a transaction will result and, if a

transaction does result, when or on what terms such a transaction may occur. WiseTech will continue to keep the market informed in line with its continuous disclosure obligations and otherwise does not intend to comment further on such matters.”

e2open has a market value of $US609.4m ($955.6m). Last month it reported that it slashed its annual net loss to $US725.8m from $US1.12bn as it “launched innovations in global trade compliance technology to help companies address new and evolving challenges”.

“The new AI (artificial intelligence) capabilities and enhancements to e2open’s proven Global Trade software are designed to ease compliance and increase productivity for clients by streamlining classifications, global trade content, due diligence, and unstructured document processing,” e2open said.

WiseTech has bought several companies amid Mr White’s return to its board as executive chairman.

Mr White, who founded the company 30 years ago, was forced to step down as chief executive and as a director last October following allegations that he exchanged business advice for sex, sparking a corporate governance review.

He crowned himself executive chairman in February after half the board, including all of its independent directors, resigned in protest of his new $1m a year consulting role.

Mr White has since appointed himself chief innovation officer and is overseeing the search for a new chief executive, prompting calls from one its biggest external investors, super fund HESTA, for the company to appoint more independent directors.

Originally published as Richard White plots $3.5bn US takeover as he seeks to strengthen WiseTech