Jason Helfstein: Okay, thank you. I appreciate all the color.
Ran Shalev: Sure.
Operator: Thanks, Jason. The next question will come from George Sutton from Craig Hallam. George, will you? Yes.
George Sutton: Thank you. So I noticed you called out twice the largest SaaS deal ever. Can you just walk through what that means, how significant that is? Is that something we should start to see eclipsed in further transactions?
Zvi Schreiber: Yes, so that was a SaaS deal. We don’t have permission to say the details of the customer, but it was a single SaaS deal of over a million dollars. I believe, Ran correct me if I’m wrong, but I believe given the rollout, it’s a complicated deal. I believe very little of that will actually be recognized this year. So that’s already some, you know, building up a book of revenue for next year more than anything. But I think it’s also a good sign that our customers are seeing our product as the kind of product, which can get a seven-digit sort of price tag. And that’s why we wanted to call it out. And I hope in time we’ll have permission to give you more details of that particular deal.
George Sutton: So it would seem that take rates obviously the big opportunity in front of you and you know we’ve talked for a while now about payments and you know insurance and customs have been added since. Can you just walk through what the expectations are for attachments there? Give us an update in terms of how you think it’s been going thus far and is there any change in your anticipated opportunity there?
Zvi Schreiber: So, yes, I mean, George, as you know, we’ve still got an interesting mix with the take rate. We’ve discussed that I think before a little. And the take rate, if you look, for example, at our two platforms, Freightos and WebCargo, Freightos again is between the end customer and the forwarders, WebCargo is between the forwarders and the carriers. And you’re actually seeing the take rates on Freightos is high and it’s stable. Take rate on WebCargo is much lower, but the growth is much faster and it’s — the take rate is increasing. But what — you never see that in the overall numbers because of the mix. So although the WebCargo take rate is increasing, it’s a lot less and then the lower take rate becomes more of the mix.
You’ve got this funny sort of mix effect, which hides the great progress that we’re making on, at least the consistent progress we’re making on take rate. Eventually you’ll see that. I don’t know exactly, I don’t remember in the model when, but eventually, you know, WebCargo becomes big enough that you can really see that takeaway increasing even in the total numbers. But again, you know, clearly for us, take away is all about adding value. You know, the key for us is to work really hard to provide in those four areas that I talked about, you know, provide new types of transactions and new services and more data. And we’re seeing the customers respond well. We’re seeing that as we provide more value, they’re willing to pay a fair price for those richer platform services.
George Sutton: One other question, if I could, relative to your geographic strengths and weaknesses, you talked about adding Japan Airlines, which is great. I know you added some Chinese carriers last year as well. So you know Europe had been your strength. I believe the far East is becoming stronger. Can you just talk about other parts of the world where there are big open-ended opportunities as you see them?
Zvi Schreiber: Yes, I mean, I think you put your finger on it. Asia is the big one for us. I mean, Europe, When it comes to WebCargo, Europe is already very strong. We’ve got pretty much all the major airlines and a very high proportion of the freight forwarders. You know, North America is certainly growing and partly because of an acquisition that we made and because of organic of 7L freight a couple of years ago, and partly because of, you know, just the organic growth that we have there. So North America is doing well. On freighters actually North America’s slightly reversed. North America’s stronger, Europe’s a bit of a growth area. But in both cases, Asia has been the weak spot, not through any fault of our own, but just because for some reason the Asian carriers, the Asian airlines were a lot slower to digitize.
So we’ve always considered Asia important, but it took us longer. And I don’t know why, but it took us longer to get major Asian airlines. But as you said correctly, we have now got a few. Japan Airlines is the most recent. So we now have — we’re starting to get a good, you know, approaching a good critical mass of Asian airlines as well, plus of course the European and American airlines fly to Asia also. So yes, so Asia is definitely going to be a big growth area for us. It’s such a huge market and we have a team there distributed around Asia. So I hope we’re in a strong position to grow in Asia.
