GearTrack and CargoNet team up to fight cargo theft

ATLANTA - Amid rising cargo theft in the United States and Canada, GearTrack, a provider of real-time asset monitoring solutions, has announced a strategic partnership with CargoNet, a Verisk business specializing in cargo theft recovery and analytics. This collaboration aims to enhance cargo security for GearTrack customers by integrating Verisk CargoNet’s RouteScore API into GearTrack’s platform, offering risk assessment tools and theft prevention strategies. Verisk (VRSK), with its impressive market capitalization of $41.93 billion and industry-leading gross profit margins of 68.73%, has established itself as a dominant force in the risk assessment and analytics sector.According to InvestingPro analysis, Verisk maintains strong financial health metrics and has consistently delivered value to shareholders, with a 32.35% dividend growth in the last twelve months.

GearTrack customers will benefit from 24/7/365 cargo recovery support and access to CargoNet’s law enforcement network. The partnership also promises to deliver actionable intelligence through the GearTrack Cargo Security Index, a forthcoming monthly report that will analyze cargo theft trends, spotlighting high-risk areas and providing recommendations to mitigate threats.

The collaboration between GearTrack and Verisk CargoNet is designed to combine real-time tracking with extensive theft data, converting analytics into practical recommendations for clients. The initiative will also include training for GearTrack customers on utilizing the enhanced route risk score and protection tools.

The first edition of the GearTrack Cargo Security Index is expected to be released in Spring 2025 and will be available on GearTrack’s website. This report will offer a comprehensive view of cargo theft patterns, leveraging data and expertise from both organizations to inform and empower shippers, manufacturers, and logistics providers.

The partnership aims to provide a robust layer of protection for shipments, improve operational efficiency, and reduce the financial impact of cargo theft for companies. GearTrack’s IoT-driven solutions, combined with Verisk CargoNet’s analytics, are set to offer customers improved security and intelligence for supply chain management. Verisk’s strong financial performance, with annual revenue of $2.88 billion and a return on assets of 22.19%, demonstrates its capability to deliver innovative solutions in the risk analytics space.

This initiative comes as a response to the significant rise in cargo theft incidents, equipping companies with the necessary tools to protect their assets and make informed decisions to ensure the safety of their shipments. The collaboration is part of GearTrack’s mission to offer solutions that not only track and monitor assets but also proactively address potential risks.For detailed insights into Verisk’s financial performance and growth potential, InvestingPro subscribers can access comprehensive analysis, including 16+ additional ProTips and a complete Pro Research Report, which provides in-depth analysis of the company’s market position and future prospects.

This news is based on a press release statement from GearTrack.

In other recent news, Verisk Analytics reported a slight beat on revenue forecasts for the fourth quarter of 2024, with revenue reaching $736 million, surpassing the expected $733.53 million. The company’s subscription revenues increased by 11% during the quarter, contributing to an overall revenue growth of 8.6% year-over-year. However, there was a minor miss on earnings per share (EPS), which came in at $1.61, just below the forecast of $1.60. RBC Capital Markets maintained an Outperform rating on Verisk, citing the company’s accelerated subscription growth and strategic enhancements in marketing and product innovation. BMO Capital Markets raised the stock’s target price to $297, despite a lighter-than-anticipated guidance for 2025, and highlighted robust share buyback activity and a new accelerated share repurchase program. Morgan Stanley also increased Verisk’s price target to $305, noting the company’s consistent performance and subscription growth. These developments indicate ongoing strategic efforts by Verisk to maintain growth and market position while addressing investor concerns about future growth prospects.

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