The funds will be used to drive Traxens' international expansion, starting with the acquisition of NEXT4, a French provider of interchangeable and reusable trackers for shipping containers.

Traxens' Internet of Things (IoT) solution is based on technology that provides access to the most comprehensive, accurate and timely data for managing assets in transit anywhere in the world. In addition to tracking the geolocation of containers, vibrations can be detected and temperature and humidity as well as the open or closed status of container doors can be monitored.

The acquisition confirmed today will enable Traxens to optimize and integrate NEXT4's offering into its suite of solutions to provide customers with the best of both solutions - including shipment planning, collaborative risk management and analytics reporting. The newly consolidated company is now the market leader when it comes to overseas freight visibility, offering Traxens' customers a technological edge in container tracking solutions.

"The integration of NEXT4 into our business enhances our ability to meet the growing needs of our customers to digitize their business processes while improving freight visibility, cargo security and goods integrity," said David Marchand, CEO of Traxens.

Founded in Toulouse in 2018, NEXT4 offers trackers that can be attached to containers from origin to final destination. This offers freight forwarders a first-class tracking solution and provides customers with data on the status and location of their goods around the clock and in real time, using sensors inside the containers. Tens of thousands of NEXT4 trackers have been deployed by leading freight forwarders such as Bolloré Logistics and DB Schenker. Airlines have also approved the latest version of the trackers - a smaller device that can be adapted to the needs of the air freight industry. The €23 million funding round follows a Series C funding round of around €20 million ($22.7 million) in 2019. This new acquisition will allow the consolidated French company to continue to deploy its smart containers globally while building new relationships with key players in the supply chain, including companies focused on container leasing, insurance and transportation management systems.

"Joining the Traxens Group enables us to market our innovative solution on an international level and to develop new products and solutions together with the Traxens team," says Cédric Rosemont, CEO and founder of NEXT4. "Our highly complementary solutions will meet the current and future challenges of shippers and their logistics service providers. This means that NEXT4's customers can also benefit from Traxens' solutions, which are now used by many container owners." NEXT4 will operate as a wholly owned subsidiary of Traxens based in Toulouse. Rosemont will not only remain CEO of NEXT4, but will also serve as Chief Marketing Officer of Traxens.