Former Melbourne AFL player Joel Macdonald’s logistics software company GetSwift has soared on the ASX after it scored two major US retailers – online giant Amazon and fast food group Yum!
Shares in GetSwift rocketed to a record high on the announcements on Friday, rising as high as $4.36 a share in the first half hour of trade, more than doubling the company’s market value.
The stock was at $3.60, up 83.7 per cent when its shares were suspended at 1030 AEDT on Friday, pending the release of further details on the Amazon deal.
GetSwift has struck a global multi-year partnership with fast food retailer Yum!, which operates Taco Bell, KFC and Pizza Hut brands, and an unspecified global agreement with online behemoth Amazon.
GetSwift said the terms and conditions of its agreement with Amazon were highly sensitive in nature.
However, it has estimated more than 250,000,000 deliveries will be made annually from its logistics platform as a result of its partnership with Yum!.
The company, which has offices in New York, Melbourne and Sydney, was founded in 2015 by Mr Macdonald out of a previous business, liquor delivery company Liquorun.
Mr Macdonald made The Financial Review’s young rich list earlier this year with an estimated $100 million plus net worth.
GetSwift claims companies across 60 countries and multiple industries as users of its cloud-based technology that automates the dispatching and tracking of deliveries.
The group’s initial rollout of its software with Yum! will begin across the fast food group’s outlets in the Middle East and Asia Pacific.