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FarEye, a logistics company in the software-as-a-service (SaaS) space, announced that it has acqui-hired logistics technology start-up PY Technology in a bid to scale customer implementations as well as incubate new ideas, stated a company release.
Acqui-hiring is the process of acquiring a company primarily for the talent. In this acquisition, there was no company acquisition cost, only hiring of people.
FarEye is in the business of using technology to help food, grocery, furniture, and pharmacy deliver faster with lower costs.
PY Technology, a start-up in the logistics technology space, earlier known as PRTouch, was founded by Jignesh Vasani in 2012. He will be joining FarEye as VP-Professional Services. Vasani is an entrepreneur with over 20 years of experience, and has a proven track record of growing business across industries including logistics, education, IT, and finance, apart from building new-age technology products using machine learning, and blockchain technologies.
Kushal Nahata, CEO and co-founder FarEye, said, “Jignesh’s skills and experience would strengthen the services and engineering teams and increase value for our customers. Together, we are aiming to drive innovation in the industry by solving the complex challenges that cost the supply chain and logistics industry trillions of dollars globally.”
Hiring plans
FarEye
recently announced that it will hire 100 technology professionals in India and North America in the year 2021 to meet the unprecedented demand from retailers, logistics and transportation organisations to scale their direct-to-home deliveries,.
Higher online orders and brands building up direct-to-customer channels is accelerating demand for FarEye’s projected growth of 2.4 times in FY20-21, with the United States being the fastest growing market for the company.
It has recently on-boarded some of the biggest retailers and 3PLs as its customers in the US including, a leading meal-kit company, a leading global appliances company that sells approximately 60 million household products in over 100 markets every year, and a leading provider of third-party logistics and supply chain solutions which operates a significant network of over 70 sites across North America and Europe with a team of more than 6,000 associates, said the release.
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