Logistics technology company Yojee has signed a binding memorandum of understanding with New South Wales-based SmartClear, in a bid to enhance customs technology.
Logistics technology company Yojee has signed a binding memorandum of understanding with New South Wales-based SmartClear, in a bid to enhance customs technology.
Mark Connell-led Yojee told the market it intended to form a technology-based joint venture entity with SmartClear, a company which specialises in customs declaration and cargo reporting technology, which would focus on both Australia and New Zealand’s freight forwarding and customs brokerage markets.
Yojee would control 51 per cent of the JV, with the remaining 49 per cent held by SC Software {SmartClear}.
In order for the company to attain the technology’s exclusive licence and for the JV to be sold the technology, Yojee said it would issue a series of consideration-based share packages to SC Software upon key milestones being met, along with it paying the joint venture company a licence-based fee – which would be deduced from clients which used one or more of the technology modules.
“By combining SmartClear's vast industry expertise in EDI messaging software and Customs clearance with Yojee's leading innovation in logistics software, we present a unique and powerful tech-stack proposition,” SmartClear director Mark Asplet said.
“With 40 years of experience in import and export compliance, we are equipped to deliver a product that the industry will benefit from.
“Together, two individually exceptional companies are uniting their strengths to enhance the customer experience in logistics transactions and simplify the process.
“We look forward to collaborating with Yojee to create a platform that drives innovation in border compliance and addresses challenges faced by businesses today.”
Additionally, Yojee said it would tap investors for $3.5 million, in order further develop, commercialise and market both its transport carrier management system and its Mosaic freight forwarding software.
Under the placement, the Subiaco-based company said it would issue 35 million shares at an issue price of 10 cents per share, with 708 Capital appointed bookrunner and lead manager for the capital raise.
Yojee shares closed trade on Monday up 14 per cent to 12.5 cents.
