Key Takeaways

  • Raelene Murphy became independent chair on 7 July 2026, replacing Richard White, who stays on the board as an executive director and chief innovation officer.
  • WiseTech has reaffirmed FY26 guidance of US$1.39 billion to US$1.44 billion revenue and US$550 million to US$585 million underlying EBITDA, with full-year results due 26 August 2026.
  • The shares are down roughly two thirds over 12 months, leaving valuation, e2open integration and founder influence as the swing factors.

Why WiseTech Global is in focus

WiseTech Global (ASX: WTC) is the ASX's most closely watched software stock for reasons that have little to do with software. CargoWise runs freight forwarding and customs work for more than 22,000 logistics businesses in 193 countries, yet the register has traded governance headlines for 18 months.

July shifted the story. WiseTech named an independent chair, clarified its relationship with a heavily scrutinised customer and added another compliance acquisition, while the shares bounced off a June low.

The appointment, stated precisely

On 7 July 2026 WiseTech told the ASX that Raelene Murphy had been appointed independent chair with immediate effect. Murphy joined the board on 1 January 2026 and had been lead independent director since 1 May. She also chairs the audit and risk committee.

She replaces founder Richard White, executive chair since February 2026. White stays on the board as an executive director and becomes chief innovation officer. He said recent media attention had become an unnecessary distraction from the business and denied the allegations reported about him.

The board now has six directors: Murphy, Chris Charlton, Rob Castaneda and Sandra Hook as independents, alongside White and co-founder Maree Isaacs. A fifth independent is being recruited. The shares closed 5.7 per cent higher at A$37.37.

A governance record worth stating plainly

The background is documented rather than speculative. White stepped back from chief executive in October 2024 after court filings aired a dispute with a former partner. In February 2025 four non-executive directors - Lisa Brock, Richard Dammery, Michael Malone and Fiona Pak-Poy - resigned over his role.

An independent review by law firm Seyfarth Shaw found White had made inaccurate and incomplete disclosures about a relationship with an employee and had entered commercial arrangements involving undisclosed conflicts of interest. The board called the conduct serious and not acceptable but retained him.

Not every investor is satisfied. Governance advocates want the full review released and some fund managers see an executive directorship plus a stake of roughly a third of the company as leaving founder influence largely intact.

The half-year scoreboard

For the six months to 31 December 2025, reported on 25 February 2026, revenue rose 76 per cent to US$672.0 million, helped by five months of e2open. CargoWise revenue grew 12 per cent to US$372.4 million, or 9 per cent organically.

Statutory EBITDA was US$252.1 million, at a 38 per cent margin. Organic underlying EBITDA was US$208.4 million, at a 51 per cent margin. Statutory net profit fell 36 per cent to US$68.1 million.

Free cash flow rose 24 per cent to US$153.6 million and the interim dividend was 6.8 US cents, fully franked. FY26 guidance was reaffirmed at US$1.39 billion to US$1.44 billion revenue and US$550 million to US$585 million underlying EBITDA.

CargoWise economics and the DSV question

The quality of the CargoWise franchise is the investment case. Recurring revenue is 99 per cent of CargoWise revenue and 95 per cent of group revenue and attrition has stayed below 1 per cent a year for 13.5 years.

Large global freight forwarder rollouts numbered 57 at the half - 46 in production, 11 in progress - covering 11 of the world's 25 largest forwarders. Such deployments take five to seven years to fully monetise.

In early July WiseTech issued an ASX clarification after media reporting questioned its DSV relationship, saying both parties are committed under an agreement running to September 2028 and that CargoWise transaction volumes with DSV rose.

e2open widens the map

WiseTech agreed in May 2025 to acquire US-listed e2open for US$3.30 a share, an enterprise value of US$2.1 billion, fully debt funded through a US$3.0 billion syndicated facility. It completed on 3 August 2025, making this an integration story, not a pending deal.

e2open brings roughly 5,600 customers, about 500,000 connected enterprises and more than 18 billion transactions a year across global trade management, planning and carrier integration. Management argues overlap with CargoWise is minimal, extending the addressable market to shippers and manufacturers.

On 21 July 2026 WiseTech announced a smaller bolt-on: FRDM.ai, which maps multi-tier supplier networks and scores compliance risk, accelerating its VerifyWise offering. Consideration is US$10 million upfront plus earn-outs of up to US$14.31 million, completing on 3 August 2026.

Product, automation and the R&D equation

Research and development spend was US$175.3 million in the half. The capitalised, or 54 per cent excluding e2open. Capitalised development flatters reported profit.

WiseTech shipped 1,060 product enhancements in the half, part of more than 6,300 over five years. About 95 per cent of CargoWise customers have moved to the new Value Pack pricing model and an AI Workflow Engine is rolling out.

WiseTech has flagged headcount cuts of up to 50 per cent in product and development and in customer service as agentic capability absorbs routine work. Executed well that is margin; executed poorly, service risk.

Balance sheet and funding

The e2open debt is the binding constraint. At 31 December 2025 borrowings were US$2,361.6 million against US$358.4 million of cash, with net leverage at 3.2 times, expected near 3.0 times by end-FY26.

That leaves limited headroom for another large acquisition and makes cash conversion the metric to track if freight volumes soften. A 20 per cent payout of underlying net profit keeps cash in the business.

Principal risks

Key-person and governance risk has not disappeared. White retains an executive role, a board seat and a stake of roughly a third of the company. Further adverse disclosure would reopen the discount and the search for a fifth independent director is unfinished.

Integration risk on e2open is genuine: it is the largest deal WiseTech has attempted, it is debt funded and it serves a different customer base. Freight volumes and tariff policy drive transaction revenue, while Descartes Systems and SAP compete.

Customer concentration is a live issue given the attention on DSV and a historically high multiple means expectations can compress quickly.