ACCC executes search warrant at logistics software giant WiseTech in competition probe
WiseTech offered few details about the competition investigation, which follows an earlier ACCC review involving its e2open acquisition. The post ACCC executes search warrant at logistics software giant WiseTech in competition probe appeared first on FreightWaves .
Australia's competition regulator, the ACCC, executed a search warrant at logistics software company WiseTech Global, according to the firm's announcement on the Australian Securities Exchange. The probe seeks documents and electronic data related to global logistics services and software, reported the source. WiseTech pledged full cooperation with the inquiry.
The investigation centers on potential violations of Australia's Competition and Consumer Act 2010, which governs market practices, fair trading, and consumer protections. A search warrant enables investigators to collect records while examining possible breaches, but it does not confirm wrongdoing. WiseTech provides technology used by freight forwarders, customs brokers, carriers, importers, exporters, and shippers, with more than 20,000 logistics companies and industry participants across 193 countries in its network.
The company's shares dropped 8.7% to A$39.58 following the announcement, marking its lowest level in nearly two weeks.
Written by urgent.news from FreightWaves's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
