VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
PRICE: 0 CENTS
Monday, December 29, 2025
WiseTech Global Limited
WTC · ASX
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
Request update
Spot something outdated? Send a quick note and source so we can refresh this profile.
Overview
WiseTech Global is a logistics software company whose core business is CargoWise, an enterprise logistics execution platform for freight forwarders, customs brokers and 3PLs. The primary moat is switching costs driven by deeply embedded workflows and a unified global data model, reinforced by an ecosystem of partners and trained practitioners that supports implementations and retention. A newer bundling/usage-based commercial model (CargoWise Value Pack) is designed to broaden adoption and increase suite penetration. WiseTech also acquired e2open in August 2025, aiming to extend into a multi-enterprise supply chain network and leverage combined datasets, with execution and integration risk as key watch items.
Primary segment
CargoWise
Market structure
Oligopoly
Market share
96% (reported)
HHI: —
Coverage
3 segments · 7 tags
Updated 2025-12-29
Segments
CargoWise
Enterprise logistics execution software for freight forwarders, customs brokers and 3PLs (CargoWise platform)
Revenue
87.6%
Structure
Oligopoly
Pricing
strong
Share
96% (reported)
Peers
Non-CargoWise acquired platforms (legacy)
Legacy logistics software platforms acquired since 2012 that are not part of CargoWise revenue (maintenance + residual services)
Revenue
12.4%
Structure
Competitive
Pricing
weak
Share
—
Peers
e2open (multi-enterprise supply chain applications & network; acquired)
Multi-enterprise supply chain software and network (planning, visibility, execution) spanning shippers, suppliers, carriers and logistics partners
Revenue
—
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Moat Claims
CargoWise
Enterprise logistics execution software for freight forwarders, customs brokers and 3PLs (CargoWise platform)
FY25 total revenue was 778.7 and CargoWise revenue was 682.2 (company reporting). revenue_share computed as 682.2 / 778.7.
Data Workflow Lockin
Demand
Data Workflow Lockin
Strength: 5/5 · Durability: durable · Confidence: 4/5 · 3 evidence
CargoWise is used to execute mission-critical logistics workflows on a unified data model; persistent high recurring revenue and extremely low attrition are consistent with strong operational and data switching costs.
Erosion risks
- Major customers keep or build in-house platforms
- Open APIs/data portability reduce switching friction
- Extended outages or security incidents reduce trust
Leading indicators
- Customer attrition rate
- Net revenue retention / expansion metrics
- Global rollout milestones for large customers
Counterarguments
- Large forwarders can fund proprietary systems and keep them in-house
- Competing ERP/supply chain suites can integrate cross-function workflows at enterprise scale
Ecosystem Complements
Network
Ecosystem Complements
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 2 evidence
A partner and certification ecosystem (implementation partners, education partners, and trained practitioners) lowers onboarding friction and supports implementations, reinforcing adoption and retention.
Erosion risks
- Partners and integrators also support competing platforms
- Training/certification value declines if workflows/UI change too fast
Leading indicators
- Certified practitioner count
- Partner agreement count
- Partner-led implementation mix
Counterarguments
- Large vendors can subsidize partner ecosystems and training programs
- Ecosystem advantages weaken if customers standardize around generic integration layers
Suite Bundling
Demand
Suite Bundling
Strength: 4/5 · Durability: medium · Confidence: 4/5 · 3 evidence
The CargoWise Value Pack shifts toward a bundled, per-transaction commercial model that packages a broad set of capabilities under a single price, encouraging wider module adoption and simplifying purchasing.
Erosion risks
- Customers resist bundled pricing if perceived as a price hike
- Best-of-breed point solutions outperform bundled modules
- Competitors respond with aggressive discounting
Leading indicators
- Value Pack adoption rate
- Average number of modules/features actively used per customer
- Gross retention / churn after pricing changes
Counterarguments
- Bundling can increase scrutiny of total cost of ownership and invite switching
- Point solutions can win on depth/innovation in specific functions
Non-CargoWise acquired platforms (legacy)
Legacy logistics software platforms acquired since 2012 that are not part of CargoWise revenue (maintenance + residual services)
Non-CargoWise revenue is defined by the company as revenue from acquired businesses since 2012 not included in CargoWise revenue.
Legacy installed-base tail
Demand
Legacy installed-base tail
Strength: 2/5 · Durability: fragile · Confidence: 4/5 · 2 evidence
Residual revenue persists from acquired non-CargoWise products due to customer inertia and migration timelines, but is expected to contract as legacy platforms are consolidated/sunset.
WiseTech defines Non-CargoWise revenue as acquired businesses not included in CargoWise; management signals contraction from older acquisitions, implying limited long-term defensibility.
Erosion risks
- Accelerated migration and sunset of legacy products
- Local competitors displace legacy systems
Leading indicators
- Non-CargoWise revenue trend
- Number of platforms migrated or sunset
Counterarguments
- This segment is a declining tail rather than a durable moat; customers can exit as contracts expire
e2open (multi-enterprise supply chain applications & network; acquired)
Multi-enterprise supply chain software and network (planning, visibility, execution) spanning shippers, suppliers, carriers and logistics partners
Segment represents the e2open business acquired by WiseTech (acquisition completed 2025-08-04).
Two Sided Network
Network
Two Sided Network
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 2 evidence
WiseTech positions e2open as enabling a multi-sided marketplace connecting customers and suppliers for digital straight-through processing, implying network-effect potential if participation and transaction volumes scale.
Erosion risks
- Participants multi-home across competing networks
- Integration and product rationalization reduce perceived value
- Standard APIs reduce the need for a single network
Leading indicators
- Active participants (shippers/suppliers/carriers) on the network
- Transaction or message volumes
- Customer retention and renewal rates post-integration
Counterarguments
- Network effects are weaker if customers can connect via generic integration platforms
- Large enterprises can stitch point solutions together and avoid single-vendor lock-in
Data Network Effects
Network
Data Network Effects
Strength: 3/5 · Durability: medium · Confidence: 2/5 · 2 evidence
WiseTech highlights potential to combine WiseTech and e2open datasets and monetize aggregated indicators; the moat depends on execution, data rights, and willingness-to-pay for data products.
Erosion risks
- Data privacy/regulatory constraints on aggregation and resale
- Low willingness to pay for indicator products
- Competitors offer similar datasets
Leading indicators
- Launch of data-indicator products
- Number of paying data customers
- Coverage breadth and update frequency
Counterarguments
- Data products can commoditize; customers may rely on public or diversified data sources
- Network/data advantages may not translate to durable pricing power without exclusive rights
Evidence
single, global, database across multiple users, functions, offices, corporations, currencies, countries and languages.
A single global database and embedded workflows imply deep process and data lock-in for customers.
98% recurring revenue and exceptionally low attrition (<1% for 12 consecutive years).
Long-run attrition under 1% indicates high switching costs and mission-criticality.
CargoWise revenue ... with recurring revenue at 99%.
Management reiterates a highly recurring revenue profile, consistent with stickiness.
716 Partner agreements ... and ~41,000 certified CargoWise practitioners
The scale of partners and trained practitioners indicates a meaningful complement ecosystem around the platform.
This network effect strengthens customer retention, accelerates rollouts, and lowers onboarding friction.
The company explicitly links its ecosystem/network effects to retention and rollout speed.
Showing 5 of 15 sources.
Risks & Indicators
Erosion risks
- Major customers keep or build in-house platforms
- Open APIs/data portability reduce switching friction
- Extended outages or security incidents reduce trust
- Partners and integrators also support competing platforms
- Training/certification value declines if workflows/UI change too fast
- Customers resist bundled pricing if perceived as a price hike
Leading indicators
- Customer attrition rate
- Net revenue retention / expansion metrics
- Global rollout milestones for large customers
- Certified practitioner count
- Partner agreement count
- Partner-led implementation mix
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.