XPO Logistics Inc. said it has closed its purchase of NLM, a Web-based freight auction site, from truckload carrier Landstar System Inc.
XPO paid $87 million for the business, which it will rebrand as XPO NLM, it said in a Dec. 30 statement.
“Our acquisition of NLM has given us the attractive entry we sought into managed transportation,” said Bradley Jacobs, chairman and CEO of XPO. “We’ll now market our new Web-based freight management capabilities to our largest customers and introduce XPO NLM customers to our full range of services.”
“We are very pleased to have been able to provide our stockholders with an excellent return on investment with respect to the two acquisitions we made in 2009 and to have closed this transaction during our 2013 fiscal year,” Henry Gerkins, chairman and CEO of Landstar, said in a statement.
NLM uses a proprietary online auction system that allows carriers to bid on loads.
Landstar, based in Jacksonville, Fla., ranks No. 9 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers. XPO, based in Greenwich, Conn., ranks No. 45 on the Transport Topics Logistics Top 50 list of the largest logistics companies in the North America.