Singapore-based e-trade solutions provider vCargo Cloud Pte. Ltd (VCC) has announced that it will acquire 60 per cent stake in Indonesian integrated logistics player PT Gatotkaca Trans Systemindo (GTS), to expand its global network.
VCC said, in an official release, it will pay $850,000 to GTS for 60% of the company’s enlarged share capital, as well as extend a $545,000 loan to the company.
VCC became a portfolio of tech firm DeClout after the SGX-listed company acquired a 30% interest in it in 2015. Jakarta-based GTS provides trucking as well as freight and forwarding services.
VCC offers e-trade and e-freight solutions to governments and companies worldwide through its platform, VCC CamelONE, which enables digitalized data exchange of cargo and financial information for stakeholders in trade, logistics and supply chain sectors, simplifying cross-border trade.
Through its investment in GTS, VCC intends to accelerate automation of customs declaration in Indonesia, which has a population of 260 million and recorded $300 billion worth of trade in 2017.
The CamelONE deployment in Indonesia will link to the existing CamelONE network, allowing stakeholders to seamlessly transmit data across the 14 countries through its unified platform which connects governments, businesses and consumers.
“The GTS acquisition is significant on two fronts. GTS’ mature operations allow VCC to jumpstart on our foothold in Indonesia, a key ASEAN market which is ranked Singapore’s fourth largest trading partner,” said VCC CEO Desmond Tay. “The deployment of CamelONE platform will augment the existing inter-government ASEAN Single Window to facilitate trade flows for both governments and businesses.”