INTTRA, a Parsippany-based ocean shipping electronic marketplace, announced Tuesday it has acquired Avantida, a European empty container management company for ocean carriers.
Avantida, based in Belgium, currently conducts business in seven European countries.
INTTRA’s entry into the landside container logistics market will maximize value for its existing and new clients, it said. Industry experts said empty container positioning costs the ocean shipping industry up to $20 billion a year.
Avantida will operate as an INTTRA-owned company.
“We are excited to join forces with INTTRA,”Luc De Clerck, Avantida CEO, said in a statement. “Together we can leverage technology innovation to digitize and transform a multi-billion dollar market that is central to global trade. INTTRA’s global network will enable us to accelerate product adoption in Europe and around the world. Our combined offering will further benefit numerous stakeholders within and beyond ocean shipping and container logistics, including reducing CO2 emissions and congestion at ports and surrounding communities.”
Financial terms of the deal were not disclosed.