Descartes Systems Group (NASDAQ: DSGX) disclosed Monday that it has bought QuestaWeb. QuestaWeb is the leading provider of cloud-based customs and regulatory compliance solutions. market-leading FTZ solution of QuestaWeb enables LSPs and distributors to automate activities and conform with US CBP regulatory standards for managing a foreign trade zone in the US.
The FTZ solution can be controlled as a separate unit or as part of the firm’s broader platform that assists traders and LSPs cope with the lifecycle of shipments. QuestaWeb has its head office in Clarke, New Jersey. Descartes purchased QuestaWeb for roughly $US 36 million, fulfilled from cash on hand.
Descartes Systems Group (NASDAQ: DSGX) shares moved up 2.25% as the firm gained +1.32 at the time of writing on Monday. DSGX share price went from a low point around $24.35 to briefly over $64.82 in the past 52 weeks, though shares have since pulled back to $59.88. DSGX's market cap has remained high, reaching $4.95 billion at the time of writing.
We are currently in a complex environment where technology is an important part of our lives and our businesses. Technology is extremely important to guarantee that supply chains are compatible and effective at every step along the way. The FTZ solution of QuestaWeb will be helpful for the Global Logistics Network of DSGX. It will assist its clients to handle the entire foreign trade zone process, enabling them to lessen responsibilities, charges, and taxes while remaining compatible with CBP guidelines.