Online freight marketplace operator DAT Solutions will acquire the Freight Market Intelligence Consortium (FMIC) benchmarking service from supply chain consultancy Chainalytics Inc., saying the move extends its position as a provider of market and pricing intelligence for shipments across the truckload, less-than-truckload (LTL), and ocean freight transportation modes.
Terms of the deal were not disclosed, but the deal is expected to close in early June.
Following the acquisition, Chainalytics said it will continue to receive access to FMIC rates and tools to support the delivery of its consulting projects and managed services through a long-term relationship with DAT Solutions.
Created as the “Model-Based Benchmarking Consortium” in 2003, the FMIC has been part of Chainalytics’ effort to provide companies with the intelligence they need to procure, plan, and manage freight transportation. According to Portland, Oregon-based DAT, FMIC is now a subscription-based benchmarking and analysis service that leverages almost $50 billion in actual freight transactions from almost 200 companies across manufacturing, retail, wholesale, and third party logistics (3PL).
Combining FMIC’s contract rate benchmarking and analytics with DAT’s spot market data and freight matching will provide new capabilities for analytics and forecasting on the global freight and supply chain markets, Chainalytics EVP of Supply Chain Intelligence and Technology Products, Gary Girotti, said in a release.
“More than a thousand shippers, brokers and carriers from across the globe directly contributing rates uniquely positions DAT to deliver the only near real-time view into freight pricing and global supply chain in North America,” DAT President and CEO Claude Pumilia said in a release. “This gives our customers unrivaled logistics insight and a stunning 360-degree view of the entire supply chain.”