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FarEye acqui-hires logistics tech start-up PY Technology

Friday - March 5, 2021 4:09 pm , Category : BUSINESS
New Delhi, March 5 (IANS) Logistics management startup FarEye on Friday said that it has acqui-hired logistics technology startup PY Technology in a bid to scale customer implementation as well as incubate new ideas.
The financial transaction details were not disclosed.
PY Technology, earlier known as PRTouch, was founded by Jignesh Vasani in 2012.
He will be joining FarEye as Vice President, Professional Services, the company said.
Vasani is an entrepreneur and a leader with over 20 years of experience in building blocks aiming towards solving real-life problems.
"I would like to welcome Jignesh and his team on behalf of all of us in this exciting journey to empower brands and carriers globally to deliver better," Kushal Nahata, CEO and Co-founder FarEye, said in a statement.
FarEye said an increase in online orders and brands building up direct-to-customer channels is accelerating demand that will drive the company's projected growth of 2.4x in FY20-21, with the US being the fastest growing market for the company.
The company recently announced that in order to capitalise on the unprecedented demand from retailers and logistics and transportation organisations to scale their direct-to-home deliveries, it will hire 100 technology professionals in India and North America in 2021.

--IANS gb/bg