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February 6, 2009 9:20 AM, EST

Descartes Buys Oceanwide’s Logistics Business

Descartes Systems Group said Thursday it acquired the logistics business of privately held Oceanwide Inc., in an all-cash transaction of about C$10.4 million ($8.4 million).

Oceanwide’s logistics business is a Web-based, hosted software service model tailored to customs brokers and freight forwarders who choose to outsource rather than procure or manage enterprise applications behind their own firewalls.

“Our focus is to bring together importers, exporters, customs brokers, transportation carriers, logistics intermediaries and regulatory and customs agencies around the world to become more efficient and effective by delivering standardized logistics processes,” said Art Mesher, Descartes’ chief executive officer.

As part of the deal, Waterloo, Ontario, Canada-based Descartes also granted an option to Jonathan Wasserman, former chief operating officer of Oceanwide and now a Descartes executive, to purchase 40,000 Descartes shares at C$3.44 per share.