A report from The Wall Street Journal on Monday revealed CDL 1000, a digital freight broker, has acquired competitor NEXT Trucking.
The agreement pushes further integration in the challenging, technology-oriented industry of connecting trucks and cargo shipments.
Startup CDL is based in Chicago and manages loads on short-haul routes between seaports and warehouses. Meanwhile, California-based NEXT is focused on the busy container port complex in Los Angeles and Long Beach in Southern California.
The financial terms of the deal were not disclosed, but CDL’s founder and CEO, Andrew Sobko, said the deal would boost its services and nationwide reach.
“CDL 1000 was present in 18 major ports, but never had any major market share in L.A.,” he said. “Now, through the NEXT Trucking acquisition, we are one of the top three trucking players in L.A. and Long Beach.”
The WSJ said CDL 1000 revealed the deal was financed by Brookfield Growth and Mucker Capital.