Boston Financial Announces Acquisition of Two Customers
Boston Financial & Equity announced that two of its clients, Celebration, FL-based software provider Channel Intelligence and Stafford, TX-based provider of same-day regional delivery solutions Velocity Express have been acquired by Google and transportation and logistics company TransForce, respectively.
Google acquired Channel Intelligence for $125 million in cash. According to a news release, Channel Intelligence develops technology that streamlines the online-buying process. The purchase of the software company is expected to give Google a boost in its e-commerce strategy against eBay and Amazon.
Montreal-based TransForce said it agreed to buy Velocity Express to expand its package delivery business. The acquisition gives the company a network of more than 80 locations in the U.S. and Canada, as well as 2,600 workers and independent contractors.
The company said the transaction is expected to generate annual revenues of approximately $160 million and to be accretive for TransForce. Alain Bedard, chairman, president and CEO said, “This asset-light acquisition further enhances TransForce’s density and capabilities in the same-day North American package and courier market.”