Yojee Secures $3.5M to Accelerate Customs Tech Joint Venture
Yojee has formed a strategic joint venture with SmartClear to integrate advanced customs technology into its MOSAIC platform, supported by an oversubscribed $3.5 million capital raise aimed at fast-tracking growth in Australia and New Zealand.
- Binding MOU signed to establish joint venture with SmartClear for customs technology
- Yojee to hold 51% stake in JV targeting ANZ freight forwarding and customs brokerage markets
- Oversubscribed placement raises $3.5 million to fund MOSAIC platform development and marketing
- JV to license and commercialise customs tech exclusively for Yojee's MOSAIC platform
- Placement shares issued under ASX Listing Rule 7.1 without prior shareholder approval
Strategic Joint Venture to Enhance Customs Capabilities
Yojee Limited (ASX:YOJ), a key player in transport management software for contracted road carrier networks across the Asia Pacific, has announced a binding memorandum of understanding (MOU) to form a joint venture (JV) with SmartClear Pty Ltd and SC Software Pty Ltd. This JV aims to integrate SmartClear's established customs technology into Yojee's MOSAIC platform, significantly accelerating development timelines while reducing project costs.
The JV will focus on the Australian and New Zealand freight forwarding and customs brokerage markets, expanding Yojee's footprint beyond its existing transport management business. Under the agreement, Yojee will hold a majority 51% stake, with SmartClear retaining 49%, reflecting a partnership built on complementary expertise.
Capital Raise to Fuel Growth and Innovation
In tandem with the JV announcement, Yojee successfully completed an oversubscribed placement, raising $3.5 million through the issuance of 35 million shares at $0.10 each. The capital injection is earmarked primarily for the development, commercialisation, and marketing of the Transport Carrier Management System (TCMS) and MOSAIC platforms, alongside expanding the team and pursuing new market opportunities.
The placement was supported by sophisticated investors, including existing shareholders and industry participants, and was conducted under ASX Listing Rule 7.1 without requiring prior shareholder approval. Settlement is expected on 7 February 2025.
Technology Integration and Commercial Terms
SmartClear brings to the table a robust customs technology suite encompassing customs declarations, cargo reporting, and logistics functions. The JVCo will exclusively license this technology to Yojee for integration into MOSAIC, with SC Software responsible for ongoing maintenance and development under a consultancy agreement.
Yojee will issue up to 7.5 million shares to SmartClear in tranches tied to key milestones, including formal agreement execution, successful live customs transaction processing, and a six-month post-commencement date, with voluntary escrow applied to the final tranche. Additionally, Yojee will pay JVCo license fees based on revenue generated from the technology modules, which in turn will remunerate SC Software accordingly.
Leadership Perspectives and Market Implications
CEO Mark Connell expressed enthusiasm about the partnership, highlighting the customs technology as a critical component for delivering a world-class solution to freight forwarders and customs brokers. He emphasized that the JV strengthens Yojee's position to disrupt the industry and scale rapidly.
SmartClear Director Mark Asplet underscored the synergy between the companies, combining decades of customs brokerage expertise with Yojee's logistics software innovation to enhance customer experience and simplify border compliance challenges.
Next Steps and Regulatory Considerations
The MOU remains subject to formal agreements, due diligence, and necessary shareholder and regulatory approvals, targeted for completion by 31 March 2025. Investors will be watching closely for progress on these fronts, as well as the initial commercial rollout of the integrated MOSAIC platform in the ANZ region.
Bottom Line?
Yojee’s strategic JV and capital raise position it to accelerate innovation in freight and customs tech, but execution risks remain as formal agreements and approvals are finalized.
Questions in the middle?
- How quickly will the joint venture translate into commercial revenue for Yojee?
- What are the key risks in integrating SmartClear’s technology into the MOSAIC platform?
- Will Yojee pursue further international expansion beyond Australia and New Zealand following this JV?
