Descartes Systems Group acquired OCR Services, Inc. for $90 million.
“The OCR team brings a wealth of domain expertise in global trade compliance to Descartes, including experience leveraging artificial intelligence (AI) in the content management process,” says Andrew Roszko, chief commercial officer at Descartes. “By adding OCR’s solutions and content to our Global Logistics Network, we see an opportunity to bring new functionality and enhanced content to our customers and partners around the world. With our combined solutions and team, we also see an opportunity to further penetrate markets in Europe and Asia.”
“We continue to invest in solutions and content to help our customers manage the complete lifecycle of shipments in what is an increasingly dynamic global regulatory environment,” says Edward J. Ryan, Descartes’ CEO. “OCR complements our Global Trade Intelligence business, particularly our Visual Compliance and MK Data investments. We’re thrilled to welcome the OCR employees, customers and partners into the Descartes family.”
Key takeaways:
- OCR specializes in solutions and content for export compliance and controlled commodities, helping customers streamline and automate processes around denied party screening, license procurement/management, and product classification.
- OCR‘s core platform, GlobalEASE, is used by blue-chip, multinational organizations around the world to stay current in a rapidly changing regulatory environment. Similar to Descartes, OCR monitors regulatory sources and updates trade data content libraries daily.
- OCR’s controlled exports data expands Descartes’ extensive global trade content library for customers and partners.
