Yojee secures contract with Scharff, part of FedEx global network

Yojee ASX contract Scharff FedEx

Technology stock Yojee Ltd (ASX: YOJ) has clinched a deal with freight forwarder Scharff International Courier and Cargo SA, which will implement Yojee’s logistics software technology across its four business units in Peru and Bolivia.

Part of the world’s largest transportation company FedEx’s global network, Scharff recently recruited a team to build efficiency and customer experience within its business, which includes adopting Yojee’s software to manage its deliveries throughout Peru and Bolivia.

“This is a major milestone for Yojee to attract a large enterprise in a market outside of South East Asia and we are very excited to partner with Scharff in Peru and Bolivia,” Yojee managing director Ed Clarke said.

“This demonstrates both the quality of our technology and its scalability both geographically throughout the industry and across the world,” Mr Clarke said.

A Scharff spokesperson Manuel Velsquez said he believed the Yojee software enabled the company to “optimise internal operations and seamlessly interoperate with contractors and third-party logistics operations with real-time tracking and full control and visibility”.

Mr Velsquez added the Yojee software solved the “logistics market’s greatest causes of inefficiency”.

Under the agreement, Yojee’s software is predicted to facilitate 10.8 million deliveries a year.

Western Australian-based Yojee’s software combines blockchain technology with artificial intelligence and machine learning for fleet management and optimisation.

In its September quarterly, Yojee reported some key improvements on the preceding June quarter including a 73% increase to the number of companies using the Yojee network, a 49% rise in individual customers and a 66% growth in the amount of freight delivered.

Yojee has one “off the shelf” product for basic fleet management, routing and tracking, with another product to be unveiled by the end of 2017. The new product is targeting medium to large companies and will incorporate administrative and finance features.

The company currently has numerous customers in Australia, Singapore and Indonesia across courier, bulk freight and wharf cartage sectors as well as projects in Cambodian and Vietnam that are close to roll out.

Shares in the tech company rose more than 16% in early afternoon trade.

Lorna has more than 10 years’ experience as a finance journalist and editor. She has written for an array of industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has covered a myriad of small and large cap ASX and dual-listed stocks.