FedEx's Shares Rise on Shipments Partnership With Microsoft

   By Maria Armental 
 

FedEx Corp. and Microsoft Corp. struck a strategic partnership to offer customers more control over and insight about global shipments.

FedEx's shares rose nearly 9% to $116.87, while Microsoft gained 1.1% to $185.16.

The partnership combines FedEx's logistics network with Microsoft's cloud.

FedEx Surround, the first offering under the companies' collaboration, would give customers near-real-time insights, down to a ZIP Code level. In addition to more information about a package's location, customers would also know more about global commerce conditions and challenges that could affect shipments, such as severe weather or natural disasters, mechanical delays or incorrect addresses.

"Now more than ever, organizations are counting on an efficient and capable supply chain to remain competitive and open for business," Microsoft Chief Executive Satya Nadella said in a statement. "Together with FedEx, we will apply the power of Azure, Dynamics 365 and their AI capabilities to this urgent need, building new commerce experiences that transform logistics for our mutual customers around the world."

Financial terms weren't disclosed.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

May 18, 2020 13:00 ET (17:00 GMT)

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