American Shipper

Descartes to sell 9.5 million shares

   Descartes has initiated a public offering in the United States and Canada of 9.5 million common shares to generate cash for future acquisitions, debt repayment and general purposes, according to the company.
   “Completion of the offering is subject to market conditions and approval by the Toronto Stock Exchange. There can be no assurance as to whether or when the offering may be completed, or as to the actual size, price or other terms of the offering,” according to a Decartes press release.
   On June 2, Decartes acquired U.S.-based Customs Info LLC, a provider of trade data. The company’s acquisition of Computer Management USA, which focuses on air cargo management solutions, closed April 1,
In the first quarter of fiscal-year 2015, Decartes experienced a 20-percent, year-over-year, rise in revenue, ending the period at $40.8 million. Net income ended the quarter at $3.7 million, up from $2.9 million in the previous quarter and $2.8 million in the first quarter of fiscal-year 2014.