Freight and global transportation is massive. We think that market has been underserved.
In its second acquisition in as many months, FreightWaves has bought a longtime publication focusing on global shipping as the Chattanooga company continues to extend its reach.
The data and content provider for the freight markets purchased American Shipper this week, said Craig Fuller, chief executive of FreightWaves.
"They're one of the largest global maritime publications," said Fuller about American Shipper, which was first published in 1976. "It's a different market for us."
He didn't reveal the purchase price, but said FreightWaves is investing "a couple of million dollars" to expand in that market. Plans are to make improvements to the publication, including its website, Fuller said.
"They haven't kept up in terms of digital media, social media," he said.