**USA**: Freight Technologies, Inc. plans to launch its new TMS in February 2025 to enhance logistics operations while simultaneously reducing its workforce by 20%. CEO Javier Selgas emphasises automation and efficiency as key to improving customer service and shareholder value.
Freight Technologies, Inc. (Fr8Tech), a logistics management firm, is set to officially launch its Transportation Management System (TMS) in February 2025. This software aims to streamline logistics operations, allowing companies to manage shipments more effectively by tracking goods in real-time, selecting appropriate carriers, and automating various logistical processes.
Javier Selgas, CEO of Fr8Tech, expressed confidence in the new system, stating, “Our commitment to evolving into a leading technology company is evident with the launch of our game-changing TMS.” Selgas highlighted the importance of automation and efficiency in their service offerings, asserting that these changes will significantly enhance customer service and shareholder value.
In tandem with the TMS launch, Fr8Tech has announced a 20% reduction in its workforce as part of a broader strategy to enhance operational efficiency. CFO Don Quinby acknowledged the difficulty of such decisions, stating, “Workforce reductions are always difficult and never a decision we make lightly.” He emphasized the importance of treating departing employees with respect and announced expectations for improved financial results throughout 2025 as a consequence of these measures.
Fr8Tech is further demonstrating its commitment to innovation through its various platform solutions powered by AI and machine learning, particularly in the realm of supplier relationship management (SRM). The company aims to leverage unstructured supplier data to extract insights that can significantly improve supplier relationships across its network.
Earlier this year, Fr8Tech secured a $3 million private placement offering of convertible preferred stock, enhancing its financial capabilities to support ongoing development efforts. The firm has also renewed key logistics service agreements with major clients, such as Kimberly-Clark de México, indicating a successful strategy of providing innovative and cost-effective solutions to the logistics market.
By integrating technologies that focus on real-time tracking and operational efficiency, Fr8Tech seeks to reshape the dynamics of supply chain management, addressing distinct challenges within the industry and striving for sustained profitability.
Source: Noah Wire Services
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