The shared-economy logistics firm On the Move Systems Inc. (OMVS) is in the market to acquire an unnamed trucking firm in a bid to compete with LTL carriers like Old Dominion Freight Line Inc. and Saia Inc., the company said Thursday.
Henderson, Nev.-based OMVS, which is currently developing app-based platforms for LTL trucking and for rapid courier service, is in the process of evaluating the trucker for acquisition, it said. It did not provide details in a statement.
When it goes live, this "Uber for trucking" approach will provide on-demand service for shippers as they try to balance the tension between rising freight volumes and a forecasted capacity crunch, OMVS CEO Robert Wilson said in the statement.
"Our shared-economy research indicated strong potential for an on-demand platform and a trucking firm as well," Wilson said in a release. "We've found several potential opportunities well suited to begin operations and are conducting preliminary due diligence on one of them now. With freight contacts made during our shared-economy platform development, we believe we can quickly hit the road and generate a new, diverse revenue stream in a short time."
OMVS is also leveraging its ISTx platform technology to develop a shared-economy app for the rapid-courier market, building an online network that could enable customers to have their packages and papers delivered in hours via a flexible workforce of independent drivers, according to Wilson.
That platform will compete with Memphis-based FedEx Corp., Atlanta-based UPS Inc., and the U.S. Postal Service to provide "last mile" services for online retailers sending goods to customers, the company said.