Toronto-based tech-enabled fulfillment and last-mile delivery startup GoBolt has made its first acquisition, purchasing fellow Canadian e-commerce logistics provider BoxKnight.
GoBolt’s acquisition of BoxKnight comes as the firm looks to tackle the United States market, following the close of its $115 million CAD Series B round in November.
GoBolt was previously a customer of Montréal’s BoxKnight’s same and next-day delivery service. The acquisition closed in May and will see GoBolt fold BoxKnight into its parcel division. The financial terms of the all-cash deal were not disclosed.
In an interview with BetaKit, GoBolt co-founder and CEO Mark Ang (BCom 2017) described the acquisition of BoxKnight as a “a really natural move,” adding that it fits within the firm’s vision “to make logistics easier than the purchase itself” and aids GoBolt’s move into the small parcel delivery space.
“While we have made significant strides on our truck level last-mile solution, we always knew that there would come a time when we would endeavor into the small parcel delivery space – but we needed to do it differently,” said Ang. “Acquiring BoxKnight enables us to accelerate this vision, while bringing on an incredibly passionate team to continue leading the charge here.”