Ryder System, Inc. R announced the completion of the acquisition of Baton, a San Francisco-based logistics technology start-up company focused on improving transportation networks.
The deal was finalized on Aug 31. This is an extension of Ryder’s association with Baton after Ryder’s corporate venture capital fund, RyderVentures, invested in Baton during the start-up’s Series A funding round in March 2021.
Cofounders of Baton, Andrew Berberick and Nate Robert, will be joining Ryder as co-chief product and technology officers for the supply chain and dedicated transportation businesses. Apart from the cofounders, other members of Baton’s core leadership team who are joining Ryder include Erik Malin as a group director of operations, Ryan Houlihan and Jason Liu, both as director of engineering.
Robert Sanchez, chairman and chief executive officer of Ryder, stated, "The acquisition of Baton is consistent with our strategic focus to continue to grow our supply chain and transportation solutions businesses, and part of that strategy is to bring new technology-driven solutions to market."
Karen Jones, chief marketing officer and head of new product development for Ryder, stated, "Baton’s technology is what initially caught our eye, but in working with Andrew and Nate over the past year and watching as they evolved their platform, I think we all realized that it was just the beginning of so much more. And, by joining forces, we can tackle a host of supply chain disruptions by building out a new suite of products leveraging their existing tech platform."
The acquisition brings in Baton’s core development team, which is expected to strengthen Ryder’s portfolio of technology products and optimize supply chains from end to end.
Ryder System, Inc. Price
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Zacks Rank and Other Stocks to Consider
Currently, Ryder carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other top-ranked stocks in the broader Zacks Transportation sector that investors can consider are GATX Corporation GATX, Triton International Limited TRTN and Teekay Tankers Ltd. TNK, each carrying a Zacks Rank #2.
GATX Corporation has an expected earnings growth rate of 17.8% for the current year. GATX delivered a trailing four-quarter earnings surprise of 28.9%, on average.
The Zacks Consensus Estimate for GATX’s current-year earnings has improved 2.1% over the past 90 days. Shares of GATX have gained 7.9% over the past year.
Triton has an expected earnings growth rate of 22.4% for the current year. TRTN delivered a trailing four-quarter earnings surprise of 7.5%, on average. TRTN has a long-term expected growth rate of 10%.
The Zacks Consensus Estimate for TRTN’s current-year earnings has improved 4.2% over the past 90 days. Shares of TRTN have increased 20.9% over the past year.
Teekay Tankers has an expected earnings growth rate of 140.1% for the current year. TNK delivered a trailing four-quarter earnings surprise of 46.1%, on average. TNK has a long-term expected growth rate of 3%.
The Zacks Consensus Estimate for TNK’s current-year earnings has improved more than 100% over the past 90 days. Shares of TNK have soared 120.3% over the past year.
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