LONDON (Reuters) - U.S. shipping technology company INTTRA has agreed to buy European container tracking firm Avantida to reduce costs by coordinating land and ocean container movements, it said on Tuesday.
Belgium-based Avantida specializes in tracking empty containers and its technology helps cut costs for transport companies, enabling exporters to ship more efficiently.
"Avantida has products and customer bases that are highly complementary to those of INTTRA," its CEO John Fay said.
INTTRA, which runs one of the largest electronic transaction software platforms in the shipping industry, said industry experts estimate that finding and repositioning empty containers costs the ocean shipping industry up to $20 billion a year, approximately 40 percent of handling costs.
The deal will help INTTRA's clients minimize miles driven, increase container velocity and lower costs for carriers and transport companies. It will also provide access to seven European markets where Avantida is active, including Germany, France, Italy and Spain.
Terms of the deal were not disclosed.
Reporting by Pamela Barbaglia, editing by Louise Heavens