Shift, the rapidly growing, on-demand delivery platform for consumers and businesses, announces t acquisition of Techlogico Limited, a leading B2B specialist courier and transport logistics business.
Established in 2013, Techlogico is a same-day courier that provides companies throughout the UK with on-demand, specialist delivery solutions for goods, with a particular focus on the Banking, Retail and Agricultural sectors. It was established in 2013 and has rapidly grown to become one of the leading service providers in the North of England.
The total consideration is £750,000 and the acquisition is anticipated to contribute £3.1 million of GMV (gross marketplace value) in the 2022 financial year. In the year ended 31 August 2020, Techlogico achieved revenue of £2.9 million. It also marks the third acquisition by Shift in the last six months, following on from the acquisitions of Courier Direct and JLF Moving Solutions. Shift is achieving an enhanced brand profile, significant national scale and rapid growth by acquiring and integrating well-known local or specialist courier businesses to its technology platform. These acquisitions help to increase the national scale of the Shift platform by providing driver coverage in geographic regions where additional driver support is required to meet growing consumer demand. Capitalising on a multi-billion pound market opportunity, the Shift platform changes the way that businesses and consumers think by enabling an on-demand, personalised delivery service that includes final mile delivery for retailers, house and office moves, bulky item delivery, and events and business logistics.
Shift’s technology benefits delivery drivers by enhancing their earning capacity and delivery efficiency via an algorithm that identifies patterns in their daily routes and matches additional jobs via geolocation and available capacity. In enabling this, Shift provides a cheaper, more efficient and more environmental service at enhanced margin levels. Since Shift was established in 2017, the Group has notably increased GMV from £0.8 million to £8.0 million as at 30 March 2021. This represents a CAGR of 114% per annum.
Jacob Corlett, CEO of Shift, said: “The trend of customers and businesses looking for a personalised, on-demand user experience at a low-cost price point is clear. Taxis, food delivery and hospitality services are now providing on-your-schedule solutions, but without a premium price tag, and Shift believes that the courier market should be no different. We have developed a solution that is able to do this using a unique algorithm to identify empty transport space from across the Shift network of fleet and independent drivers, finding the best-fit driver for the customer.“We created the business to offer a cost-effective solution, with consumers at our core. Since we started in 2017 we have rapidly built a network in the UK and continue to explore further small acquisition opportunities in the UK and overseas in order to further scale our business and provide a better service. We look forward to integrating Techlogico onto our platform.”