Supply chain risk management company Overhaul has acquired freight security and visibility service SensiGuard from parent company Sensitech.
"This is a transformative acquisition for Overhaul," said Barry Conlon, founder and CEO of Overhaul. "It expands our global footprint, adds hundreds of years of combined supply chain experience to our team, and brings an impressive roster of international clients under our umbrella. With this acquisition, we’re not only the largest supply chain security provider but the most comprehensive, providing needed resilience with immediate corrective action. Our platform spans visibility, risk, compliance, and insurance and is well positioned to help our customers safeguard their cargo and discover efficiencies and opportunities on a global scale."
The acquisition adds Sensitech’s offices in Brazil, Mexico, and the Czech Republic to Overhaul’s portfolio. Overhaul now has the same level of infrastructure across North America, Latin America, and Europe, according to a press release.
SensiGuard and Overhaul will combine to offer a visibility engine with 24/7 risk monitoring capabilities, providing shippers with a real-time solution for mitigating the risks associated with theft, damage, chain of custody, and other cargo security threats, according to the release.
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“This acquisition is a win for our customers and our employees,” said Mark Serafine, managing director at SensiGuard. “Our customers and high-value shippers will now have access to a more comprehensive set of services across cargo security. We’re seeing increased demand amidst serious integrity concerns, and we now have the largest team of world-class supply chain security experts addressing these challenges. Together with Overhaul, we’ll advance and deliver the valuable technology to reduce loss ratios and streamline supply chains.”
The deal also more than doubles Overhaul’s headcount, adding over 350 employees who support SensiGuard services. SensiGuard’s leadership will join Overhaul.
"SensiGuard’s proven track record as a leading electronic freight security service for more than two decades speaks for itself," said David Broe, chief operating officer of Overhaul. “Cargo theft is a multibillion-dollar industry, and that is just one of the many growing risks to cargo security and integrity that global shippers and logistics providers are grappling with on a daily basis. It is imperative that service providers not only keep pace but stay ahead with best practices and prevention protocols to meet the challenges of maritime and road transport. With our combined expertise, we can better serve a global market faced with unprecedented risk.”
