Freightos began by offering quick price quotes for shipping forwarders (which are like travel agents for the freight industry) to provide to clients, and now the company has taken its model a step further, by enabling those forwarders to instantaneously generate multiple quotes for comparison purposes. In July 2016, it launched Freightos Marketplace, where forwarders can input the specifications (dates, points of origin and destination, goods’ weight and volume, etc.) and receive the price quotes. There’s plenty riding on introducing efficiency to the shipping industry: According to the U.S. Census Bureau, logistics accounted for 8% of the U.S. 2015 GDP, and $2.3 billion was spent to import goods. Worldwide, says Freightos CEO Zvi Schreiber, $19 trillion of goods cross borders annually, with $1 trillion spent to transport them. In the first six months post-launch, Freightos Marketplace handled several hundred bookings. A Freightos official said that the company’s technology provides transparency to root out overpayments, saving big shippers up to 30%, and is used by 23 of the world’s top 25 freight forwarders. Also in 2016, Freightos acquired WebCargoNet, a Barcelona-based logistics technology company.