Technology solutions provider Trimble Inc. has announced it will acquire German logistics company Transporeon, which uses a cloud-based TMS to connect carriers, logistics service providers and shippers.

The all-cash deal unveiled Monday is valued at $1.98 billion and expected to close in the first half of 2023.

Rob Painter, Trimble’s president and CEO, said digital software solutions are in high demand in the commercial transportation market and the acquisition of Transporeon represented a great opportunity…

Trimble (NASDAQ: TRMB) is a Sunnyvale, California-based supply chain technology provider for trucking companies, freight brokerages and 3PLs. Its transportation division provides services such as enterprise, mobility, final-mile, mapping and maintenance solutions.

Trimble is acquiring Transporeon from Hg, a private equity firm based in London.